Project Expected to Fund Affordable Housing

A $10-million commercial redevelopment project that officials hope will generate funds for new affordable housing was announced Monday in West Hollywood by federal Housing and Urban Development Secretary Andrew Cuomo.

The project on the southwest corner of La Brea Avenue and Santa Monica Boulevard will include a four-story, 300,000-square-foot office and retail project and a 1,350-space underground parking lot. It is expected to create 750 jobs

That might generate $1.7 million annually in tax revenue that will be channeled into the rehabilitation of old housing and construction of affordable residential units, Mayor Jeffrey Prang said.

The funding includes a $2-million grant and an $8-million HUD loan, city officials said.

Meeting with officials at West Hollywood City Hall, Cuomo praised the project--which will cover about 8 acres that now includes warehouses, a carwash, auto repair shops and vacant lots.

Despite the booming economy, Cuomo said, some people are being left behind. He said the West Hollywood redevelopment effort--the La Brea-Gateway project--will stimulate jobs and housing.

“It’s a ripple effect: Put more people to work and an entire community becomes rejuvenated,” Cuomo said.