625 S Bixel Street, Los Angeles, CA 90017
Waiting List Forecast: Likely Short or None
Verified for 2023 by Colleen Carter, Ric Gresia| Rent | Beds | Baths | SqFt |
|---|---|---|---|
| $923 per Month† | Studio - 1 Bed | 1 Bath | 325 - 500 Sq Ft |
Since this property is a LIHTC property that might not have a project based rental assistance contract, it is likely that it either has no waiting list or the waiting list is shorter than properties with rental assistance. You should contact the property to verify.
Note: Affordable Housing Online has not confirmed the waiting list status directly with the property. This waiting list status forecast is based on our housing experts' knowledge of similar properties. You should always confirm this status directly with the property.
RE/MAX Commercial is pleased to present Bixel House, a 77 unit apartmet building constructed in 1928 of masonry construction. The building has been retrofitted for earthquake compliance and a has a new roof. The interior hallways and 35 units were renovated in 2006. All units have bathrooms. The building has a Section 8 project based contract in effect until Aug 29, 2007. The contract is a HAP (Housing Assistance Payments) Moderate Rehabilitation Program covering 75 of the unts. A new owner may renew annually on the August 29th anniversary date, or opt out of the contract at that time and convert the tenant base to a voucher based program that would increase the rent rate 12.5%. Once a voucher based tenant vacates the property, the units can be rented at market rents which would be $650/mo, which represents a 24% increase from current rent. There are newly constructed apartments within walking distance of the property on both 6th St and Wishire (Visconti and Medici) which are commanding rents of $1,377 for studios and $1,520 for 1 bedroom/1 bath units. If a non-profit partnership purchases the property, the annual NOI would increase by the property tax abatement of $48,000
The property is located on Bixel Street between Wilshire Blvd and 6th St in the center of the Central City West area with new condominiums being constructed adjacnet to the subject and several new projects to the north and south of it. This area is within walking distance of many employers including Good Samaritan Hospital and public transportation on Wilshire Blvd. The property is zoned CW (Central City West( which allows residential and commercial. City records indicate the property wasl originally constructed as a hotel in 1928. The current county use still lists the property under Hotel use. Buyer to verify that the zoning conforms to their intended use.
This LIHTC property is among the most common types of affordable rental housing in the United States. The LIHTC program only provides subsidies to the building’s owner at construction. No subsidies are provided directly to the residents, but the owner must set rents affordable to low-income renters in the area. Our data suggests Bixel House does not participate in any project-based rent subsidy program. This means you must earn enough to pay the full rent or have your own Section 8 Housing Choice Voucher. For that reason, LIHTC properties tend to have shorter waiting lists or even none at all. LIHTC properties nationwide are required to accept housing vouchers. LIHTC properties were first built in the late 1980's. Because they tend to be newer, these properties are more likely to have larger units, more amenities, and greater tenant service offerings than other affordable housing programs. This property might be right for you if you have a housing voucher or enough income to pay rent, are looking for a high quality property, or need immediate availability. Since this property participates in the LIHTC program, the property is required to accept Section 8 Housing Choice Vouchers. As a LIHTC property that chose the 40/60 election, this property has agreed to set aside at least 40% of its units for families and individuals earning 60% of Area Median Income (AMI). Many properties have actually set aside more units than required by law, and in many cases all of the units at these properties are affordable to renters with lower incomes. Since this property participates in the LIHTC program, the property is required to accept Section 8 Housing Choice Vouchers.
~ Dave Layfield, Founder of Affordable Housing Online
| Unit (Bd/Ba) | Ft2 | Rent |
|---|---|---|
| Studio (Studio/1) | 325ft2 | $923† |
| One Bedroom (1/1) | 500ft2 | Call for Price† |
| AMI* | 1 person | 2 people | 3 people | 4 people | 5 people | 6 people | 7 people | 8 people |
|---|---|---|---|---|---|---|---|---|
| 50% AMI for LIHTC Units | $44,150 / year | $50,450 / year | $56,750 / year | $63,050 / year | $68,100 / year | $73,150 / year | $78,200 / year | $83,250 / year |
| 50% AMI for PBRA Units | $44,150 / year | $50,450 / year | $56,750 / year | $63,050 / year | $68,100 / year | $73,150 / year | $78,200 / year | $83,250 / year |
| 60% AMI for LIHTC Units | $52,980 / year | $60,540 / year | $68,100 / year | $75,660 / year | $81,720 / year | $87,780 / year | $93,840 / year | $99,900 / year |
*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.
Does Bixel House have a waiting list?
Bixel House probably doesn't have a waiting list, and, if it does, the wait times are most likely short. We haven't confirmed if this is the case, so you should contact the property to confirm.
Are rents subsidized at Bixel House?
We believe rents are most likely NOT subsidized at any of the units at this property since our research has not discovered any public housing or rental assistance contracts associated with this property. This means you will most likely have to pay the full rent no matter your income. Note: In some rare instances, some properties may have a small number of units subsidized through state or private programs.
In addition to Bixel House, how many other affordable housing properties (and units) are there in Los Angeles?
In addition to Bixel House, we list 1055 other affordable properties in Los Angeles. Learn about these properties here. Our data research shows that there are a total of 70531 affordable units in Los Angeles.
When was the Bixel House listing last updated?
Bixel House listing on Affordable Housing Online was last updated on 01/02/2023 by Affordable Housing Online research staff. Remember, a property's status can change so you should contact the property to confirm.
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