Rampart’s First Gleaming
Brave effort to transform a shady wrong turn into a shining TOD hub
Century Housing provided patient early stage financing for Enlightenment Plaza, an affordable housing project planned for Rampart Village. This Los Angeles neighborhood with a reputation for unchecked blight and drug activity, will be reimagined by Flexible Housing Solutions and The Pacific Companies into a 454 unit campus composed entirely of permanent supportive housing for individuals transitioning from homelessness. The site is located near a metro rail station, close to job centers, and within the footprint of a number of highly regarded social service agencies with an expertise in caring for formerly homeless individuals. It was being used by a cable company to park repair trucks at night!
Century provided a $15M land acquisition loan, approximately 90% of the acquisition price, to secure the entire underutilized site which is being divided into four phases. The first two phases recently closed their construction loans and the third phase will break ground in mid-2022. The fourth phase has received all of its soft financing and a Project Based Voucher contract and will be applying for tax credits in early 2023. Everything will be built using modular construction.
The open architecture, park-like landscaping and plentiful communal space including rooftop terraces will serve as the foundation for a holistic approach to services that include both mental and physical health support made available to every resident.
Century is proud of its role. This project could not have happened without a CDFI that understood the developer’s vision and the practical steps required to assess the risk on a large land loan. The seller was patient, but could not wait for all of the various layers of financing to be made available. There was a closing deadline, and without Century, this project could have been lost and developed into something a lot less enlightened—like luxury housing or a bigger parking lot.