Abbey Road Projects- February Update

February 1, 2023

Imagine Village II

Imagine village II has hit and passed the halfway mark at 55% completion!  We continue to be on schedule but will soon need the meter banks which are currently not available.  We are meeting with the manufacturer to discuss whether they can expedite our delivery.  Fingers crossed everyone!!

Check out some additional photos of Imagine Village II below!

Sun Commons

Sun Commons feels a little like that children’s book “The Little Engine That Could”.  We are on that steep incline to completion and are creeping toward that Certificate of Occupancy. Utilities remain our critical path.  LADWP has begun connecting wires and set our Transformer!  But we still have a few hoops before the switch is flipped and power comes to the building which will allow us to begin testing for our final sign offs for each trade.  Our Fire Hydrant is in.  And The Gas Company is finally in plan check for their permit.

Leaseup is moving ahead with interviews with prospective low income general affordable residents.  Our matching through the Coordinated Entry System is starting any day.  In our next newsletter we should have some information about how leaseup is progressing.

Check out some additional photos of Sun Commons below!

The Rigby and The Main

The Rigby made a successful point score appeal to the CA Dept. of Housing & Community Development but we have yet to hear about where our current score puts us in this incredibly oversubscribed round.  HCD will award $650 million in financing but they had requests totaling $3.5 Billion.  We have been awarded our Project Based Vouchers.  Hooray!  If we do not receive our State funding then we will apply again in their next round which will possibly be in April-June.   Our applications for tax credits and tax exempt bonds go in to the Treasurer’s Office 3 months after our last award and we would then close and begin construction 6-8 months after that.

The Main was also awarded Project Based Vouchers.   This development will apply for County housing loan funds in April and we expect to know if we were successful by July.  This project also needs State funding.  That application will likely come out around April-June 2023.  Once the next application is successful we would move along the architectural to get in to plan check.  With the award of all of these funds we would then apply for tax credits and tax exempt bonds in early to mid 2024 and close and begin construction by the end of 2024.

Finally, we continue to look for new developments and we are happy to go see any vacant sites that you think might be a great site for a building in a walkable neighborhood with close by amenities.

-Maura Johnson, Abbey Road