GLIMMER OF DEVELOPMENT HOPE IN INGLEWOOD COMMUNITY
May 5, 2010 Leave a comment
INGLEWOOD — Rocked by recent budgetary woes that may severely impact redevelopment here, the city got a bit of good news this month with a ground breaking ceremony for a $9 million affordable housing venture near the Hollywood Park racetrack.
The future site of the PATH Villas Osage Apartments, located at 812 S. Osage Ave., will provide a 20-unit multi-family housing complex, providing eight one-bedroom apartments, six two-bedroom apartments and six three-bedroom apartments.
Two of the units will be leased at 30 percent of Area Median Income (AMI), six units at 40 percent AMI, six at 50 percent and six at 60 percent.
The total building area is 15,923 square feet with one level of subterranean parking. Construction on the project is scheduled to be completed March 2011.
Founded in 2004, Path Ventures, aims to provide quality affordable housing to underserved communities by acting both as a social service provider and an affordable housing developer.
The April 16 groundbreaking ceremony was attended by dignitaries from PATH, City Council member Danny Tabor and Mayor Pro Tem Ralph Franklin, state Sen. Rod Wright, city redevelopment staff and City Treasurer Wanda Brown.
“We spent a long time to make this project a reality,” said John Molloy, PATH Ventures Executive Director, in welcoming guests to the event.
“This is a wonderful project coming out of the ground behind me that will serve low-income people in need of good, decent, substantial and affordable housing. We’re lucky to get this under way at a time in our economic history when we could use a little construction activity.”
Tabor paid tribute to PATH and city staff, whom he said were able to think through all the intricate terms and maneuvers that were necessary to get the project off the ground.
“The tax credit process took three years alone,” he revealed. “The beauty of it is that as a council we get to see the new construction happen. To see that it’s more than just conversations, we are in the business of partnering with non profits like PATH to make housing a reality.”
His sentiments were echoed by Franklin and Wright, who agreed that the development was a win-win for everyone.