The California Association of Realtors (C.A.R.) is considering the redevelopment of its Los Angeles headquarters to create new affordable housing. The proposed development would pave the way for 181 residential units, which would include rental and for-sale units at various affordable housing rates.
“California’s housing affordability is at crisis levels, and C.A.R. wants to actively create new affordable rental and ownership housing opportunities for those who need it the most, such as our veterans, nurses, firefighters, teachers, police, and other public servants,” said C.A.R. President Steve White in a prepared statement. “We’ve decided to take this bold step by serving as a model for other similar projects throughout the state and providing a pathway to the American dream.”
The affordable units will be offered at a range of prices for families earning between 60 and 150 percent of the area median income. C.A.R. also plans to allocate 20 percent of the units to veterans earning less than 50 percent of the area median income.
C.A.R.’s headquarters is situated in Koreatown, where the average rent for a one-bedroom is more than $ 1,500 according to Rentometer.
“C.A.R. has long supported affordable housing policies and programs,” said Richard J. Rosenthal, C.A.R. past president and chair of the redevelopment project. “We recognize the urgency of California’s housing crisis and are putting our money where our mouth is with this out-of-the-box solution to help address this crisis.”
The development would also include modern office space for the trade association, which boasts nearly 200,000 members. C.A.R. also hopes to achieve a “green building” certification from Leadership in Energy and Environmental Design.
Despite the initiative, C.A.R. is still a long ways from actually putting shovels into the ground. C.A.R.’s Board of Directors approved a predevelopment plan for the project in early May and a proposal to move forward with development will appear before the board sometime in October.
At press time, details about the project were scarce and unanswered questions lingered: Will the organization be redeveloping the current building or razing it entirely? Does it own the property or will the redevelopment be taking place with a partner organization? What percentage of the units will be affordable and what’s the affordability breakdown?
Inman has reached out to the organization for further detail and will update when it responds.