California REALTORS® announce "Pathway to Homeownership" Affordable Housing Project

Project seeks to serve as model in providing pathway to the American dream

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May 21, 2018, 07:25 ET

LOS ANGELES, May 21, 2018 /PRNewswire-USNewswire/ -- In a demonstration of its commitment in advocating for affordable workforce housing in California, the CALIFORNIA ASSOCIATION OF REALTORS^® (C.A.R.) today announced it is exploring the redevelopment of the site of its Los Angeles headquarters to build affordable workforce rental and for sale housing.

C.A.R. is proposing the development of up to 181 residential units, which would include rental and for sale units at affordable workforce housing rates. Affordable units would be available to individuals and families earning 60 percent to 150 percent of the area's median income. Additionally, 20 percent of the units would be allocated to veterans earning 50 percent or less of the area's median income.

"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. "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."

"C.A.R. has long supported affordable housing policies and programs," said Richard J. Rosenthal, C.A.R. past president and chair of the Pathway to Homeownership 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." Rosenthal also noted that the Association hopes to achieve a "green building" Leadership in Energy and Environmental Design (LEED) certification for the project.

Located in the Koreatown area, the project also includes an office facility to accommodate the Association's Los Angeles headquarters.

C.A.R.'s Board of Directors approved a predevelopment plan for the project in early May. A proposal to move forward with the development will go before the Board in October.

Leading the way…® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 190,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

SOURCE CALIFORNIA ASSOCIATION OF REALTORS