The program should expedite and facilitate the production process for developers in meeting the City’s goal of building 5,823 affordable units per year. DTSC will use this opportunity to streamline the entitlement process for its mixed-use PSH development, thereby reducing the planning process by approximately by a year.
There is an alarming number of veterans in Los Angeles that constitute a large percentage of the homeless population. The veterans are extremely underserved and have a high need for care. DTSC is committed to acknowledging, supporting, and serving the the veteran population. With nearly 4,000 chronically homeless veterans in Los Angeles (as chronicled by LAHSA), DTSC has made it its mission to utilize part of the 78,000 subsidy housing vouchers available nationwide to assist veterans find and sustain permanent housing via HUD-VASH.
Last year the government committed to $1.2 billion in construction funding, solely for PSH projects. This loosened the restrictions on height and density for parking and increased the floor to area ratio (FAR). In return, there should be a significant reduction in construction costs, which should yield a higher Net Operating Income (NOI).
In 2017, The U.S. Department of Housing and Urban Development (HUD) granted the Housing Authority of the City of Los Angeles approval to increase the voucher payment standard. As a result, the potential gross income will be approximately $1,140,552 more than what standard Section 8 rental rates would generate.
Veteran Housing