Best affordable seniors housing design for Global Awards shortlisted
LOS ANGELES: The shortlist for the best affordable seniors housing design has been declared.
Over 250 designs have been considered by the awards secretariat. One of the finalists in this category is shown above.
The Cudahy Farms Healthy Living Campus is planned for a 52-acre former YMCA property east of North Swan Road and south of West Fairy Chasm Road.
Royal Capital Group Ltd. announced the project in June 2022. The Plan Commission is to review the proposal at its July 17 meeting. It needs Common Council zoning approval.
Cudahy Farms’ first phase calls for 377 apartments within 15 two-story buildings. That includes 153 units set aside for seniors who can live independently and 224 two- and three-bedroom family units.
With future phases, which could include condos, Cudahy Farms would total 1,145 housing units in 29 buildings.
The plans refer to many of the apartments as “affordable.” That suggests Royal Capital could seek federal housing tax credits, provided through an annual competition, as part of its financing.
Developers receiving those credits must provide apartments at below-market rents to people earning no more than 60% of the area median income.
The credits are sold to raise equity financing for projects. A developer then typically obtains a bank loan, and perhaps other cash sources, to complete the financing package.
The Global Award winner will be announced in November in London. (Globals)