SOUTH-CENTRAL : Statewide Contest Set to Design Affordable Housing
A statewide architectural competition will be conducted by First Interstate Bank of California to initiate construction of an affordable housing complex in South-Central Los Angeles.
The bank has secured a 75,000-square-foot parcel at 80th Street and Vermont Avenue for the project, which will provide up to 130 affordable apartment units for low- to moderate-income residents and potentially some commercial or community use space.
The site includes a former Pepperdine University building, to be incorporated into development proposals, and an adjacent lot.
The competition is open to design architects throughout California who team with construction contractors and for-profit or nonprofit affordable-housing development organizations.
The judges will select the design in August, and the winning team will receive construction financing of $10 million to $14 million from First Interstate Bank. The affordable housing developer from the winning team will assume ownership of the property and responsibility for its development.
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