South LA Gets 37 New Affordable Homes
What happened
Eleos and Health Net have broken ground on a new project that will bring 37 affordable homes to South Los Angeles. The development at 5637 S. Broadway is part of a public-private partnership aimed at addressing the city's housing shortage.
Why it matters
This project is notable for being privately financed and delivered without public subsidies, a different approach to affordable housing development. The rapid nine-month approval for entitlements and permits was achieved through Mayor Karen Bass's Executive Directive 1, a measure designed to accelerate the construction of affordable housing. Health Net's involvement includes a $550,000 investment that bridged the final funding gap for the project. This is part of a larger commitment by the company, which has invested $93 million in California housing and homelessness initiatives since 2020. The development at 5637 S. Broadway will be entirely comprised of income-restricted units, targeting low-income households. Developer Eleos focuses on serving residents who have experienced homelessness, rely on housing vouchers, or fall into the "missing middle" income bracket. This four-story building will offer one and two-bedroom apartments. Construction is projected to be completed in the summer or fall of 2027. The project is a response to Los Angeles's severe housing affordability crisis. A recent report indicated that Los Angeles County needs to add 485,667 affordable homes to meet the current demand for lower-income households. Public-private partnerships are increasingly being used as a model to address this shortage. Other examples in Los Angeles County include the conversion of a 150-unit market-rate community in Carson and a 143-unit luxury complex in Glendale into workforce and middle-income housing.
Key numbers
- Eleos and Health Net have broken ground on a new project that will bring 37 affordable homes to South Los Angeles.
- The rapid nine-month approval for entitlements and permits was achieved through Mayor Karen Bass's Executive Directive 1, a measure designed to accelerate the construction of affordable housing.
- Health Net's involvement includes a $550,000 investment that bridged the final funding gap for the project.
- This is part of a larger commitment by the company, which has invested $93 million in California housing and homelessness initiatives since 2020.
What happens next
- Broadway will be entirely comprised of income-restricted units, targeting low-income households.
- This four-story building will offer one and two-bedroom apartments.
- Eleos and Health Net have broken ground on a new project that will bring 37 affordable homes to South Los Angeles.
Quick answers
What happened in South LA Gets 37 New Affordable Homes?
Eleos and Health Net have broken ground on a new project that will bring 37 affordable homes to South Los Angeles. The development at 5637 S. Broadway is part of a public-private partnership aimed at addressing the city's housing shortage.
Why does South LA Gets 37 New Affordable Homes matter?
This project is notable for being privately financed and delivered without public subsidies, a different approach to affordable housing development. The rapid nine-month approval for entitlements and permits was achieved through Mayor Karen Bass's Executive Directive 1, a measure designed to accelerate the construction of affordable housing. Health Net's involvement includes a $550,000 investment that bridged the final funding gap for the project. This is part of a larger commitment by the company, which has invested $93 million in California housing and homelessness initiatives since 2020. The development at 5637 S. Broadway will be entirely comprised of income-restricted units, targeting low-income households. Developer Eleos focuses on serving residents who have experienced homelessness, rely on housing vouchers, or fall into the "missing middle" income bracket. This four-story building will offer one and two-bedroom apartments. Construction is projected to be completed in the summer or fall of 2027. The project is a response to Los Angeles's severe housing affordability crisis. A recent report indicated that Los Angeles County needs to add 485,667 affordable homes to meet the current demand for lower-income households. Public-private partnerships are increasingly being used as a model to address this shortage. Other examples in Los Angeles County include the conversion of a 150-unit market-rate community in Carson and a 143-unit luxury complex in Glendale into workforce and middle-income housing.
