A new 212-unit affordable housing project is moving forward in Koreatown, with a plan to build without government subsidies. The proposal, announced by the nonprofit Better Angels, marks a shift from typical tax-supported affordable housing development in Los Angeles.
According to The Real Deal, Better Angels, co-founded by tech entrepreneur Adam Miller, unveiled plans to develop the Los Angeles Metro-owned property at the intersection of Wilshire Boulevard and Crenshaw Boulevard. The project will include 212 affordable apartments along with a medical office building.
The development rights for the site are currently being bid on by seven nonprofit housing organizations. Better Angels’ proposal stands apart from the other six by pledging to fund construction without relying on tax credits or government subsidies. The group plans to cover 30 percent of the project’s cost with its own capital, while financing the remainder through standard commercial loans.
Miller said the initiative is intended to prove that affordable housing can be built profitably and efficiently without public subsidies, while maintaining public benefit. “We have to show that affordable housing can be supplied profitably through a capitalist model,” he said. “Without that, we won’t solve the housing crisis.”
Better Angels aims to use this model to attract private developers—who typically focus on luxury projects—into the affordable housing sector. The group also hopes to create opportunities for smaller builders to take on mid-sized developments beyond duplexes or accessory dwelling units (ADUs).
To support these efforts, Better Angels has already secured a $300 million investment fund. The organization is also bidding to redevelop the former Kaiser Permanente building in Pasadena into 300 units of affordable and homeless-supportive housing, paired with a mental health services center.
If approved, the Wilshire-Crenshaw project could become a test case for whether affordable housing can be built faster and at scale through a private capital-driven approach, reducing reliance on slow-moving public subsidies while addressing Los Angeles’ acute housing shortage.
BY HOONSIK WOO [woo.hoonsik@koreadaily.com]
