Real Estate
Farmdale Apartments To Become 26 Affordable Housing Units
Four units will be specially marked for extremely low income residents who earn less than 30% of the area's median income.
NORTH HOLLYWOOD, CA — More affordable housing is coming to North Hollywood. Alliant Strategic Investments announced the purchase of Farmdale Apartments, and revealed plans to dedicate the entire complex to affordable housing.
Farmdale Apartments is located at 5640 Farmdale Ave. about 1,000 feet from the North Hollywood Recreation Centre. The area around the complex is an Opportunity Zone, a disadvantaged area in which the government provides tax breaks for developers who build affordable housing.
"Now, more than ever, housing matters. The global pandemic has impacted how we live. These uncertain times have intensified the critical need for housing amidst widespread economic hardship," said Russell Ginise, Alliant Strategic's President. "Particularly for these residents of California, where COVID-19 has resulted in a massive loss of jobs, access to affordable housing is absolutely crucial."
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A total of 26 units will be used for workforce and affordable housing. Four units will be specially marked for extremely low income residents who earn less than 30% of the area median income.
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