Stepping up to address the growing need for affordable housing, the Santa Monica City Council has endorsed a hefty Housing Trust Fund loan to rejuvenate a rent-controlled apartment community. The financing, which will not exceed $35.7 million, has been allocated to the Community Corporation of Santa Monica (CCSM) for the overhaul of 40 apartments at 2033-2101 Virginia Ave., according to the City of Santa Monica. The decision comes on the heels of a closed session by the City Council on February 25, illustrating the city's commitment to maintaining accessible living spaces for low-income residents.
With a history dating back to 1947-48, the Virginia Avenue property was snatched up by CCSM back in 2020, with a vision to keep long-time residents in place and begin much-needed renovations. Initially facilitated by a $15.2 million Housing Trust Fund acquisition and predevelopment loan, this additional $20.5 million will thrust the project into its next phase of construction, shared by the city's press release.
Mayor Lana Negrete, in acknowledging the deep-rooted connection residents have with these apartments, stated, "These are individuals and families who have lived in Santa Monica for generations, many growing up in the same apartment they are now raising their own families in." The Mayor praised the city's efforts and partnership with CCSM, ensuring "safe and habitable living conditions," as per the City of Santa Monica.
The rehabilitation efforts come with the promise of stability for existing tenants. They are permitted to return to their homes at the same rent-controlled rates after renovation, adhering to annual city code adjustments. Additionally, once vacated, these units will be dedicated to extremely low, very low, and low-income families - exemplifying the city's strategy to support its most vulnerable citizens.
Beyond offering a lifeline to current residents, the rehabilitation project could also bolster the city's efforts to meet state-mandated affordable housing quotas, pending state review and approval. For full details on the staff report and the council discussion, the public is directed to the city's website. For media inquiries, contact Tati Simonian, Public Information Officer, at [email protected].
