Housing Foundation Seeks Vacant Lots for New Homes

If you have an odd-shaped building lot or one as narrow as 25 feet, the nonprofit Mead Housing organization might be in the market for it.

“Government agencies, individuals and corporations with vacant land in Watts, Compton, Willowbrook or other South Central Los Angeles communities are urged to call us at 213/483-4594,” said Mead President Donald B. Nicholson. Mead pays cash for lots, he added.

There can also be tax advantages to either giving lots to Mead Housing or making them available at reduced rates, Nicholson said.

Last year, Mead Housing, 1644 Wilshire Blvd., closed 172 escrows at an average price of $78,404, an increase of about $2,500 over 1984.

The jump was primarily due to the higher prices being paid for vacant lots rather than construction costs.

In the wake of declining interest rates, Mead has moved away from its own home loan plan to the utilization of FHA and bond financing, he added. Mead homes sell for as low as $56,000.

Mead Housing is the result of a trust left by the late William Mead, a pioneer Los Angeles real estate developer.