Workforce housing to target entry-level buyers

Firefighters, nurses, teachers, civil servants and others seeking market-rate, entry-level homes in Los Angeles County are going to have more to choose from after last week’s launch of a $150-million fund to help create workforce housing.

CityView, a national housing investor based in Santa Monica, unveiled on Tuesday the CityView Los Angeles Fund, which will use investments from city, county and state pension funds to finance, acquire and get permits for land to build entry-level workforce housing. The first project will break ground in Harbor City before Jan. 1.

The CityView pension-fund partners are the California Public Employees’ Retirement System, the Los Angeles Fire and Police Pensions, the Los Angeles City Employees’ Retirement System and the Los Angeles County Employee Retirement Assn.

“The fund is a win-win situation,” said Henry Cisneros, executive chairman of CityView and former Housing and Urban Development chief. “The pension funds will get a strong return on their investment and help create housing for their members.”

-- Diane Wedner