In the late 1990s, the First Methodist Church of Los Angeles decided to repurpose its large property on Flower Street near Staples Center. It brought in downtown-based 1010 Development Corp. to build two affordable housing properties on the site: Hope Village for low-income families and Villa Flores for low-income residents age 62 and older.
…But in L.A. County, higher earners are disproportionately spending less on housing. According to the nonprofit California Housing Partnership, three out of every four older adult renter households that earn less than 15% of the area median income spend more than half their income on housing. For higher earners, the share is less than 3%…
…For decades, HUD was heavily involved in the direct financing of affordable housing production for older adults in L.A. County, but funding sources have shifted, and that has led to a decline in the creation and preservation of affordable housing, according to California Housing Partnership…