LOS ANGELES, Feb. 21, 2018 (GLOBE NEWSWIRE) -- Ocean Development Inc, the second largest residential developer in Los Angeles has targeted the critically underserved market in Los Angeles County and proved that affordable homes for the working-class can be built in Los Angeles.
During the last forty years, California's municipalities had the responsibility of setting housing goals every five to eight years as a way of making sure that enough new homes are built to meet the demands of a growing population. Unfortunately, according to the state's recent report, very few cities are meeting the goals they've set.
So far, it has been determined that only 13 cities have made a sufficient amount of progress toward meeting their housing construction targets for 2017. 526 other cities, including Los Angeles, haven't and will now be required to fast-track the approval of some new housing development projects.
Under a new law which took effect at the beginning of 2018, cities must speed up the review of developments made up of at least ten percent affordable housing units if they've failed to meet their objectives for market-rate housing. Municipalities that met their targets for market-rate housing but haven't met the requirements for new affordable housing units will need to streamline the review of projects in which at least half the housing units are affordable to low-income residents.
While Los Angeles is expected to meet its overall new housing construction objective by issuing permits for nearly 82,000 new homes by 2021, the city hasn't met its goals when it comes to the construction of enough affordable housing units. Out of 45,820 new units, the city has issued permits for, since 2014, less than ten percent are classified as affordable to low-income residents. President of Ocean Development Amy Cyprus has a message for other developers fearful of working on projects in Los Angeles. “With some commitment, it is possible for dedicated developers to create affordable, family-ready homes in areas that have long been neglected.”
What makes Ocean unique is that all of their redevelopments and sales take place South of the 10 freeway in Los Angeles. Ocean has constructed well over 1,000 units in South Los Angeles, all with off-street parking, modernized kitchens and spacious living quarters. By working closely with the community, local elected officials and neighborhoods, over the past decade Ocean has been able to help countless working families move from apartments, to affordable housing.
About Ocean Development, Inc. Ocean Development, Inc. is a full service real estate development company, which develops, constructs, owns, and sells residential housing units. Its sister company, Ocean Properties, Inc., offers full service management to over 1400 units consisting of over 700 properties in the south Los Angeles area. Our mission is to provide the highest quality of affordable homes and duplexes in the south L.A. area. Our management and staff are highly qualified in the real estate investing and property management arena with more than 100 years of collective experience.
Contact: Eric W. Rose (213) 741-1500 X 525 or Eric@ekapr.com