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Rendering of the beginning of construction of the new Jefferson Square Apartments.
Council President Herb Wesson was joined by community stakeholders and area residents at the groundbreaking for the Jefferson Square Apartments, a new 40-unit apartment project located at Jefferson and 4th Avenue.
The groundbreaking event marked the start of construction for the approximately $15 million project. The apartments are scheduled to be completed and ready for occupancy in October 2013.
“This project is a remarkable achievement in this rough economy,” said Wesson. “We need more affordable housing, and with the hard work of our office and the strong support from our Jefferson Park community partners we succeeded.”
Jefferson Square Apartments will feature 9 one-bedroom apartments, 19 two-bedroom apartments, and 12 three-bedroom apartments. Estimated rents for one-bedrooms will be from $593-$793, two bedrooms from $517-$1,028, and three bedrooms from $595- $1,253.
There will also be 1,500 square feet of ground floor commercial retail space.
Applications will be distributed online (www.JeffersonSquareLA.com) and in front of the building on March 4th thru March 9th, 2013 and March 11th, thru March 15th, 2013, from 10 a.m. to 4 p.m. Applicants must have incomes that fall below 60% of Los Angeles County median income. The current maximum for a four person household is $50,580. Income limits are adjusted annually in the spring.
Residents will be selected by a lottery of eligible applicants, and a limited number of applicants will be placed on a wait list for future availability.
The project’s developer is Thomas Safran & Associates, which has developed over 5,000 units of rental housing for seniors and families, as well as similar mixed-use developments
The project was supported by approximately $6 million of public funding provided through the state Proposition 1C Affordable Housing Bond, the Community Redevelopment Agency, and the City of Los Angeles Affordable Housing Trust.