The deal allows the apartment complex’s owner, Marina Admiralty Company, to extend its lease for the county-owned property by 39 years, county Supervisor Janice Hahn announced Wednesday.
As part of the agreement, Marina Admiralty Company agreed to conduct a $100 million renovation on the complex over the next six years.
The company also agreed to set aside 196 of the complex’s units for households making less than 50 percent of the area median income. The units will be converted to affordable units once they become vacant.
This agreement comes as Los Angeles struggles to provide housing people can actually afford.
A May report from the California Housing Partnership and the Southern California Association of Nonprofit Housing found that the city needs more than 550,000 new units of affordable housing to meet the demand.
“With this agreement, we are not only approving renovations for the apartments of the nearly 1,000 families in Mariners Village, we are also ensuring that hundreds of families can afford to live there well into the future,” Hahn said in a statement. “This is going to be a model for how we negotiate lease extensions going forward.”
Under the agreement, residents will be allowed to stay in their apartments during renovations, which will “maintain the integrity of the original architectural design” of the buildings. Also: No trees will be cleared in the course of renovations.
Both points were issues raised by tenants when a previous renovation plan was presented.
- How much affordable housing does LA need? [Curbed LA]