Affirmed Housing has completed Asante, a 55-unit affordable senior housing community in Los Angeles. The fully affordable and age-restricted community caters to formerly unhoused seniors earning up to 50 percent of the area median income.
Designed by AC Martin Architects, the five-story building incorporates studio and one-bedroom floorplans, along with a two-bedroom apartment reserved for the property manager. Common-area amenities include a business center, lounge areas, a computer room, a community room, laundry facilities, bike storage and controlled access.
The GreenPoint-rated property also features several sustainable and energy-efficient measures, such as low water use landscaping, solar hot water and Energy Star appliances. The People Concern will provide supportive services for residents, designed to help break chronic cycles of homelessness and elevate quality of life goals.
Asante is located at 11001 S. Broadway, in the Broadway-Manchester neighborhood. The community is near the intersection of interstates 110 and 105, providing easy access across the Los Angeles metropolitan area. Martin Luther King Jr. Community Hospital, Los Angeles Southwest College and an abundance of dining options and retail centers are within a 3-mile radius.
Public and private financing
The developer broke ground on the project in 2021, starting with the demolition of a small commercial building located on the site. The project is estimated at approximately $27.4 million, or $498,470 per unit. Affirmed Housing received Proposition HHH funds from the City of Los Angeles, federal low-income tax credits from the California Tax Credit Allocation Committee and tax-exempt bonds from the California Debt Limit Allocation Committee.
The Housing Authority of the City of Los Angeles provided project-based vouchers for the restricted units, while Pacific Western Bank provided construction financing and permanent loans and Raymond James contributed to the community’s tax credit equity.
According to Yardi Matrix data, the project’s financing package included:
- a $10.8 million construction loan provided by the City of Los Angeles
- a $14.9 million loan from the City of Los Angeles Housing and Community Investment Department
- $1.7 million in construction financing provided by Pacific Western Bank
Recently, Affirmed Housing opened a 57-unit affordable supportive housing community in Los Angeles. The property caters to previously homeless individuals earning between 30 and 50 percent of AMI. AC Martin Architects designed the $30 million development.
