The Long Beach City Council unanimously passed a resolution Tuesday that will enable the preservation of 406 units of affordable housing in west Long Beach. The Springdale West Apartments, located at 2095 W. Spring St., will be renovated to continue providing affordable housing for lower-income families. Since the dissolution of redevelopment, city-financed construction of new affordable units has become extremely difficult, according to officials.
“Preserving these existing affordable units in west Long Beach is important for local families and stability for the neighborhood,” said Mayor Robert Garcia.
Should Springdale West’s funding contract with the U.S. Department of Housing and Urban Development expire, the units could be converted to market-rate. However, action has been taken that will extend the affordability of the units, according to the City. With the required City Council approval, the California Statewide Communities Development Authority (CSCDA), a joint-powers authority, can issue tax-exempt bonds to help Springdale Preservation Limited Partnership finance the purchase and rehabilitation of the apartment community. The bond issuance is expected in September 2015.
“Local government support of the project and the bond issuance is required, even though the City bears no financial obligation or risk related to the project,” said Amy Bodek, director of Long Beach Development Services. “Without city support, the development’s affordability covenants would expire within the next six months, putting these families at risk of becoming homeless.”
Springdale West Apartments, constructed in the mid 1970s, features one-, two- and three-bedroom units for extremely low- to low-income households. In Long Beach, these are households that earn about $25,000 to $50,000 per year. The renovation plans for the property include new kitchen appliances, countertops, cabinets, flooring, window treatment and water heaters, as well as updated landscaping, painting and fencing. A swimming pool will also be added.
The project is expected to provide a total of 80 jobs, including 50 construction jobs during the rehabilitation process, 10 on-site jobs and 20 jobs through third-party vendors.
Source: City of LB