Santa Monica's Community Corporation to Open New Building
Staff Writer
March 27, 2013 -- The Community Corporation of Santa Monica -- the beachside city's largest provider of affordable housing -- will open a new three-story building Thursday, adding 47 new family units in the Pico Neighborhood.
State Senator Ted Lieu and Santa Mayor Pam O'Connor will speak at Thursday's grand opening at 2345 Virginia Avenue, which will also include a groundbreaking ceremony for the project's second phase: High Place East.
“Santa Monica has a long-standing commitment to social and economic diversity.” said O'Connor. “It's more than just talk. Our commitment means helping to produce affordable units for people to live in.”
When High Place East is finished in 2014, it will provide an additional 44 three-bedroom units for families earning 50 to 60 percent of the area median income, which comes to $45,600 and $37,950 respectively for a household of three.
The 47 units in High Place West, which has 32 two-bedroom and 15 three-bedroom apartments, will be for families earning 35 to 60 percent of the area median income.
Lieu's presence at Thursday's event is important, said O'Connor.
Lieu is cosponoring the California Homes and Jobs Act (SB 391), which was introduced by State Senator Mark DeSaulnier.
The legislation would impose new fees on real estate transactions that would be collected and used to fund the California Homes and Jobs Trust Fund.
“It's complicated to put together the funding sources for these projects,” O'Connor said. “And Community Corporation builds them in a cost effective manner.”
Santa Monica spent nearly $15 million a year on affordable housing from its Redevelopment Agency (RDA) money. However, last February, Governor Jerry Brown shut down RDAs throughout the State in order to help balance the budget, eliminating a major source of money for affordable housing.
SB 391 could potentially help offset some of those losses.
Thursday's ceremony will also be attended by the Board Chair of Community Corporation Patricia Hoffman and the nonprofit's executive director, Sarah Letts.
Since Community Corporation started in 1982, it has developed more than 1,500 units in nearly 100 properties throughout Santa Monica.
“Community Corporation of Santa Monica develops and manages affordable housing primarily in the City of Santa Monica,” Community Corporation officials said. “The community-based, nonprofit corporation uses private and public funds to purchase and rehabilitate older buildings and to design and construct new ones.”
