Real Estate

Venice Nonprofit Secures $65M for 120 Affordable Units in Inglewood

Venice Community Housing secures $65M for 120-unit affordable housing project in Inglewood.

By Doug Elli

7/11, 14:33 EDT

Key Takeaway

  • Venice Community Housing secured $65 million in bond financing for a 120-unit affordable housing project, Sankofa Place at Centinela, in Inglewood.
  • The project targets low-income and formerly homeless households, with units for those earning 30-80% of the area median income.
  • This follows a recent $14.7 million grant from California's Department of Housing and Community Development for another affordable housing development in Santa Monica.

Venice Community Housing Secures Major Funding

Venice Community Housing has successfully secured up to $65 million in bond financing to develop a 120-unit affordable housing complex in Inglewood. This significant funding, approved by the Los Angeles County Board of Supervisors, will facilitate the construction of a 79,000-square-foot apartment complex at 400 Centinela Avenue. The project, named Sankofa Place at Centinela, aims to provide housing for low-income and formerly homeless households, with units ranging from studios to three-bedroom apartments. This development is a collaborative effort with the Inglewood-based Social Justice Learning Institute, which will also build an 18,000-square-foot community services center on the site.

Comprehensive Development Plans

The Sankofa Place project will replace existing structures on a church property and feature a two-story brick colonnade and a rooftop crown, designed by The Architects Collective and Aero Collective. The complex will include a courtyard and garden, enhancing the living environment for its residents. The development will cater to households earning between 30 and 80 percent of the area median income, addressing a critical need for affordable housing in the region. Venice Community Housing, a nonprofit developer founded in 1988, currently owns and operates 17 apartment complexes with over 250 units across Greater Los Angeles and has more than 500 homes in its development pipeline.

Broader Context of Affordable Housing Initiatives

The approval of bond financing for Sankofa Place is part of a broader trend of public and private efforts to address the affordable housing crisis in Los Angeles. Recently, the California Department of Housing and Community Development awarded Venice Community Housing $14.7 million for another affordable housing project in Santa Monica. This funding was part of a $185 million round of grants from the National Housing Trust Fund, which supported 17 other projects across California. Additionally, Alliant Communities is developing a 332-unit workforce and affordable apartment complex in Van Nuys, utilizing Transit Oriented Communities incentives to provide housing for extremely low-income households.

Implications for the Housing Market

The development of Sankofa Place at Centinela and similar projects highlights the ongoing efforts to mitigate the affordable housing shortage in Los Angeles. These initiatives are crucial in providing stable housing for low-income and formerly homeless individuals, contributing to the overall well-being of the community. The collaboration between nonprofit developers, local government, and community organizations exemplifies a multifaceted approach to addressing housing needs. As these projects progress, they are expected to have a positive impact on the local housing market, offering more options for affordable living and potentially stabilizing rental prices in the long term.