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Those 49 units coming to Riverside Drive


3160 Riverside, presently.

The developer of that 49-unit by-right project on Riverside Drive is Fore Property Company--of Las Vegas. (Again, the money paid in rentals will flee the City, even the State). The firm specializes in low-income housing, and hopes to secure City funds for the project.

The letter the Greater Griffith Park Neighborhood Council sent in support of the project reads:
The Governing Board of the Greater Griffith Park Neighborhood Council concurs with the conclusions and comments expressed by the members of our Planning, Zoning and Historical Preservation Committee in the following portion of the minutes from their publicly noticed, regular meeting Wednesday, March 2, 2011.
Those minutes state in part that "one of the options financing they are considering is going through the Los Angeles Housing Department (LAHD) and while community support does not guarantee getting financing from LAHD, it gives them a "leg up" on properties that do not have community support."

These are low-income units but they're not really for young people. The 49 units will be composed of 34 two bedroom and 15 three bedroom units. The builder gets a tax credit for making 30% of the units three bedrooms. There are no one-bedroom units.

All tenants are required to have "jobs or a source of income." Seventy percent of the tenants are anticipated to be single mothers with children. "We look for a 2 to 1 ratio of income to rent, so that the majority of income is not allocated to rent." Really?'

EARLIER: A Letter from the GGPNC, LaBonge and GGPNC fast-tracking more rentals.