Rendering courtesy of William Hezmalhalch Architects.
The Las Ventanas development, formerly known as the Pacific Apartments, has released new renderings for the project set to house 102 affordable units at Long Beach Blvd. near Pacific Coast Hwy.
Originally designed for 101 units, the AMCAL-produced and William Hezmalhalch Architects-designed project has expanded by one unit and includes 77 parking spaces for cars, five for motorcycles, and over 3,000 sq. ft. of ground floor retail at a total cost of $42.2M.
Here’s the breakdown of the units:
- 62 one-bedrooms
- 15 two-bedrooms
- 25 three-bedrooms
- 18 units Extremely Low Income (ELI); 32 units Very-Low Income (VLI); 50 units Low Income
People often ask about what defines “affordable housing,” or what I mean when I say these units on “affordable.” In one sense, it is misleading because I am not referring to general affordability; in other words, this isn’t about the lack of affordability for what is often called “the missing middle,” which refers to lower middle class residents and families who are struggling to pay rent. (One Long Beach developer is trying to solely focus on this issue.)
I use affordability in most of my pieces with direct correlation to the Federal definition.
And in that sense, the specifics all depends on whom the housing is serving—e.g. some of the affordable projects coming online are reserved for veterans or those with special needs or seniors—and other certain caveats.
The federal department of Housing & Urban Development (HUD) defines affordable housing as a home in which a low-income family is spending 30% or less of their income on gross housing costs, including utilities. Low Income families are defined typically as earning 80% or less of the median income within a given area and then go down from there to VLI (30-50% AMI), and ELI (<30% AMI).
For instance, one of the projects I have often lauded, the Beacon Apartments, are available to those who qualify as low-income, VLI, or ELI. 26 units will be given to ELI families; 72 units to VLI; and 60 to low-income families; two will be reserved for a manager of each building.