Back in May, the California Association of Realtors (C.A.R.) announced it was exploring the redevelopment of the site of its Los Angeles headquarters to build affordable workforce rental and for sale housing. As of today, the idea is still moving forward and C.A.R. is proposing the development of up to 181 residential units that would be available to individuals and families earning 60 percent to 150 percent of the area's median income. Additionally, 20 percent of the units would be allocated to veterans earning 50 percent or less of the area's median income.

Located in the Koreatown area, the project also includes an office facility to accommodate the Association's Los Angeles headquarters. C.A.R.'s Board of Directors recently approved a pre-development plan for the project and a proposal to move forward with the development will go before the Board in October. The development would also include modern office space for the trade association, which boasts nearly 190,000 members. C.A.R. also hopes to achieve a “green building” certification from Leadership in Energy and Environmental Design (LEED). The current structure that sits at the site will be razed to give way to the new development and C.A.R. hopes to have shovels in the ground by late 2019 or early 2020 if there are no delays.

In other related news, we housesellers were excited by news this month that the State of California recently awarded $40 million to Los Angeles County via three grants to support the development of affordable apartments and related infrastructure projects in the County’s unincorporated areas. The projects will generate more than 320 new affordable apartments in a region beset by “skyrocketing housing costs”. Approximately $30 million will be set aside to build affordable apartments, while the remaining $10 million will be used to develop sustainable infrastructure to help residents of the new mixed-income housing developments connect to transit.