Housing Diversity Corp. JV Opens LA Affordable Community

Housing Diversity Corp. and Actaris Impact Investors have opened Liv DTLA, a 227-unit fully affordable housing development in Los Angeles. This is the county’s largest master-leased project of this kind.  

Other companies involved in the endeavour included STS Construction and Development Services, which acted as contractor and co-sponsor. Alongside Actaris, which provided critical project funding, Century Housing CDFI, United Way of Greater Los Angeles Affordable Housing Initiative Fund II, and PNC Financial Services Group also provided financing for the development. Additionally, nonprofit PEP Housing will serve as managing partner.  

Under a five-year master lease with the Los Angeles Homeless Services Authority, the community at 1411 S. Flower St. will provide permanent supportive housing, along with services provided by The People Concern. All units are designated for low-income voucher-subsidized residents earning 50 percent or below the area median income, with 25 units reserved for extremely low-income residents, earning a maximum of 30 percent of AMI.

In 2022 and 2024, the property became the subject of a $41.1 million, respectively $35 million construction loans originated by Lumet and PNC Bank, according to Yardi Matrix information.

A blueprint for inclusive living

The project represents a blueprint for affordable housing and could be replicated on a national level, Jonathan Tower, CEO of Arctaris Impact said in prepared remarks. Situated in an Opportunity Zone, the development measures 96,355 gross square feet and sits on a 15,517-square-foot lot. On-site amenities include a fitness center and laundry facilities. 

The eight-story Liv DTLA is near the Los Angeles Convention Center and Pico Metro Station on the A and E Lines. Downtown Los Angeles is some 3 miles northeast. Major thoroughfares in the area include interstates 10 and 110.

Liv DTLA is one of several developments by Housing Diversity Corp. nationwide. Less than 1 mile away from Liv DTLA is Vida DTLA, a partially affordable project located at 1317 S. Grand Ave. Scheduled for opening this month, the eight-story property has 17 out of a total of 147 units reserved for extremely low-income residents through LA’s Transit Oriented Communities Program.