August 20, 2015 (Los Angeles, CA) –Affordable housing developer Abode Communities and land owner Los Angeles Unified School District (LAUSD) welcomed City of Los Angeles Mayor Eric Garcetti and Councilman Mitch O’Farrell as they proudly celebrated the mid-project milestone of Selma Community Housing, a new affordable/workforce service-enhanced residential community in Hollywood featuring 66 homes.

In an effort to improve access to affordable housing, promote employee retention, and balance life/work for its teachers and staff, Abode Communities will offer the permanently affordable housing via a 66-year ground lease from LAUSD, with a leasing preference for working-wage District employees. The affordable housing development will also be home to working families earning between 30-60% Area Median Income.

“We’re working to address the growth and disparity between affordable rents and working-wage incomes,” says Abode Communities’ President & CEO Robin Hughes. “LAUSD’s land contribution is supporting a national model of how public and private partnerships can be leveraged to maximize resources and revitalize communities in need of affordable housing.”

Selma’s joint-use development concept uniquely combines affordable housing with 117 parking spaces, of which 50 will provide staff parking for the adjacent Selma Elementary School during the day and supplement the neighborhood’s limited public parking supply at night.

“I am overjoyed to partake in this joint-venture with Abode Communities,” Los Angeles Unified School District Board President Steve Zimmer said. “There is an urgent need for affordable housing in our city, and I couldn’t be more proud to participate in an effort that will improve access to affordable housing, promote employee retention, balance life and work for LAUSD employees, and help revitalize the Hollywood community.”

Slated for completion in summer 2016, this transit-rich development is a short walk to the Hollywood and Highland Metro Red Line station and offers residents an abundance of amenities such as Abode Communities’ complimentary resident services program, Beyond Homes; a computer lab; central courtyard with tot lot; and a landscaped rooftop courtyard. The housing will further promote residents’ improved health outcomes and reduced operating costs via a Leadership in Energy and Environmental Design (LEED®) for Homes Silver rating.

“I’d like to thank Abode Communities and LAUSD for bringing this affordable housing development to the 13th District,” said Los Angeles City Councilmember Mitch O’Farrell. “This sustainable, LEED Silver project brings 66 affordable homes, as well as resident services and amenities to a community in need.”

One of the last enforceable commitments of the former CRA/LA, Selma Community Housing was made possible with $32.9 million in permanent financing provided through a variety of private and public funding sources, including private equity provided by Union Bank through the syndication of Low Income Housing Tax Credits; a construction loan and permanent financing from Union Bank; residual receipts loans from the California Department of Housing & Community Development Transit-Oriented Development Program and former CRA/LA, administered by the City of Los Angeles Housing & Community Investment Department; and a soft loan from the Federal Home Loan Bank of San Francisco. LAUSD is a major underwriter in the project, providing a 66-year ground-lease contribution valued at $1.9 million.

###