By Amy Bentley-Smith
Features Editor
The foundation has been laid for a development intended to level the playing field for those currently being priced out of the home buying market.
Last week, concrete was poured for three of nine buildings that collectively will be called Olive Court. Located on Long Beach Boulevard just north of Pacific Coast Highway on two former used vehicle lots, Olive Court will have a mix of one- to four-bedroom condominium/townhouse-style homes further incorporating urban and suburban settings.
But perhaps more important to its developer, Livable Places, is that Olive Court will make homeownership possible to a range of individuals. The nonprofit developer is in the business of building affordable housing. Olive Court is its first project. Another project, in Los Angeles’ Lincoln Heights neighborhood, is in the planning stages.
“We should finish the first three buildings in late spring or early summer, and the full project this time next year,” said Claire Bowin, Olive Court project manager and director of development at Livable Places.
In partnership with the city of Long Beach’s nonprofit Long Beach Housing Development Company, as well as several mortgage and construction lenders, Livable Places is offering 80% of the 58 homes that will make up Olive Court to low- to moderate-income individuals and families. The remaining 20% of the homes will be sold at market value, which is expected to be in the low $300,000 to just under $500,000 for the larger homes.
As housing prices have gone up in Southern California, those who fit into the affordable housing category has expanded as well. According to housing experts, the definition of an affordable house is one in which the mortgage is no more than 30% of a homeowner’s income. But with the median income level in the Los Angeles region at $55,000 for a family of four and the median home price at $475,000, a large majority of families cannot get into affordable homes.
Affordable housing developments, where government subsidies are provided to lower the cost of the homes, have always been geared toward low- to moderate-income families. When housing costs were lower, more moderate-income families were able to afford houses without assistance, Bowin said. But with today’s market the way it is, Bowin said those families need help, too. Half of the homes in Olive Court will be available to those in that income range — anywhere from $60,000 for a family of four in the moderate income range to $54,000 for a family of three.
“We don’t want the project to be seen as that affordable housing, low-income housing project,” Bowin said. “It’s very much for working families.”
Aiming to make the homes even more affordable, and at the same time more environmentally friendly, Livable Places is incorporating sustainable building practices in the construction of Olive Court.
One example is the location itself, near the Blue Line. Bowin said Livable Places believes building near rail lines encourages alternative transportation methods other than automobile. Other examples include the use of Energy Star compliant appliances, drought-tolerant landscaping and designing the homes with high ceilings and large windows.
“It’s all about working together to improve life here in Southern California,” Bowin said of Livable Places’ philosophy.
Variety also is a hallmark of this project, not only in terms of affordability, but home size and feel. There will be eight one-bedrooms, 30 two-bedrooms, 18 three-bedroom and two four-bedroom homes. Bowin said that mix would attract a variety of homeowners, from single people to families, and so too would the configuration. The homes along Long Beach Boulevard will likely attract those seeking a more urban living experience. Families wanting more of a neighborhood feel will be drawn to the interior units and those along Dayman Avenue.
“It will be a nice mix of family size, cultures and ages,” Bowin said. “We think it’s going to be a really exciting community.”
Interest already exists for Olive Court, which has been in the planning stages for several years. Bowin said several families in the community who currently rent have put their name on the interest list.
People can add their name to the list and learn more about the project by visiting
www.olivecourt.com. For more information about Livable Places, visit
www.livableplaces.org.