#21-016
Carson Capitalizes on State’s $65 Billion Housing Program to Preserve Affordable Luxury Housing for its Middle-Income Professionals
Carson, CA – The California Statewide Community Development Authority (CSCDA) has issued more than $65 billion in bonds for over 1,700 public benefit financings, including creating or preserving Workforce Housing for middle-income families. The City of Carson is taking advantage of this program to attract employers who provide medium and high-wage jobs and to help Carson’s middle-income professionals find affordable luxury housing in the City.
In the current Southern California rental market, even middle-income families and professionals have difficulty affording rent and other necessities such as food, clothing, and medical care, according to the U.S. Department of Housing and Urban Development. During the COVID-19 pandemic, rents and home prices have soared, with rents often consuming up to 50% of a family’s income. There was also shift to more people working from home and employers wanting to relocate to communities with home prices accessible to their workforce.
To help address the problem of affordability in the Southern California housing market, Standard Communities has partnered with the City of Carson and CSCDA to bring broader affordability to the Union South Bay Apartments.
“This effort to preserve housing for local professionals aligns with my COVID-19 recovery plan to attract middle-income employers and the jobs they create.” Mayor Lula Davis-Holmes said, “Our children should be able to work, live and play in the communities they grew up in!”
Under a state program, the rent levels for these units will be set at 35% of household income at 80% to 120% Area Median Income (AMI) levels making the units accessible to working professionals.
In addition, the rent levels will be annually capped and will always stay within this range of incomes for approximately 35 years. Under the regulatory agreement, rent growth is directly tied to income growth, with increases to exceed 4% annually.
Located at 615 East Carson Street in Carson, the Union South Bay Apartments were completed in 2020 and is comprised of two five-story buildings on an approximately five-acre site. Its 357 units feature premium finishes and a host of work-from-home lifestyle amenities include a fitness center, rooftop deck, and a resort-style swimming pool. In addition to the apartment units and amenities, the mixed-use community features over 28,000 square feet of commercial space.
Over the past two decades, Carson has provided 593 affordable housing units for low-income tenants from seniors, to veterans, to artists. “During the pandemic, the City is also providing rental assistance grants, up to a maximum of $10,000, to help households that fall at or below 80% of the area median income.” Mayor Davis-Holmes also said, “The applicants must have been economically impacted during the COVID-19 pandemic through job loss, layoffs or deduction in hours or pay. More information is available through the City’s website.”
[https://ci.carson.ca.us/content/files/pdfs/housing/rental/Emergency%20Rental%20Assistance%20Fact%20Sheet.pdf]
Based in New York and Los Angeles, Standard Companies has a national portfolio of over 15,000 apartment units, including approximately 11,000 affordable units, and has completed more than $2.8 billion of affordable housing acquisitions and rehabilitation nationwide. The affordable housing division of the company is Standard Communities, which strives to cultivate long-term public and private partnerships to produce and preserve high-quality, affordable, and environmentally sustainable housing.
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