KMA applauds the November 10^th groundbreaking of the 100% affordable housing project dubbed Grace Villas in the Lincoln Heights neighborhood of Los Angeles.   This infill project utilizes the site of a city-owned former parking lot at 215-224 South Avenue 24.

The six-story, forty-eight-unit Grace Villas will serve families, transitional-aged youth, and residents with developmental disabilities.  The property will remain under the City’s ownership with all units being income restricted throughout the long-term ground lease.  A semi-subterranean parking garage accommodating fifty vehicles will also be constructed.

The project is a great example of transforming underutilized properties into needed community serving uses, in this case low-income housing.  Residents will also benefit from supportive services provided by the Downtown Women’s Center and East L.A. Regional Center, along with proximity to retail and civic uses on the North Broadway Corridor.

Grace Villas is being developed by Women Organizing Resources, Knowledge, and Services (WORKS), Linc Housing and GTM Holdings, LLC.

KMA was engaged by the Los Angeles Housing Department to prepare a reuse analysis demonstrating the financial gap for the proposed transaction which will involve a below-market rate ground lease between City and Grace Villas, LP.  The project secured funding from multiple sources, including the state 9% tax credits, the City’s ULA Accelerator Program and project-based vouchers from HACLA (Housing Authority of the City of Los Angeles). Public benefits include the provision of forty seven affordable apartment units that will be restricted to households earning between 30 and 60 percent AMI for at least 55 years, with lease extensions available.

Linc Housing’s CEO Rebecca Clark commented on the project at the groundbreaking event, “Grace Villas shows what can happen when mission-driven partners like Linc Housing and WORKS Housing come together with the City of Los Angeles.  This collaboration reflects a shared commitment to addressing the housing crisis with lasting solutions. By transforming an underused city lot into affordable homes and opportunity, we are creating a place where families, youth and individuals with disabilities can build stability and thrive.”