715-721 Yale Street, Los Angeles, CA 90012
Waiting List Forecast: Likely Short or None
Verified for 2023 by Joshua Cappell| Rent | Beds | Baths | SqFt |
|---|---|---|---|
| Call for Rents† | Studio - 3 Beds | 1 Bath | - |
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.
Lotus Garden provides sixty (60) dwelling units consisting of (15) studio, (15) 1-bedroom, (10) 2- bedroom and (20) 3-bedroom apartments. The project provides outdoor recreation area, a community room, onsite laundry and onsite parking for 63 vehicles. Located on the Bus Rapid Transit line and within walking distance of light rail, this transit oriented development furthers the goals of the city of Los Angeles in reducing vehicle ownership through pedestrian oriented development. Yale Street provides much needed affordable housing to individuals and families earning 30-60% of Los Angeles county median income.
The development fronts on North Yale Street. At the ground level is the community room, a computer lab and the management office. The location of the management office provides excellent eyes on the community enhancing security. The community rooms offer approximately 2,200 square feet. A service delivery office may be incorporated into the building programming where social services can be administered to the TAY residents. There is approximately 4,000 square feet of outdoor open space located on the roof deck of the building for the enjoyment of all the buildings residents. Gardening plots and bbqs, as well as a tot lot and passive recreation affords residents a community gathering area that encourages a healthy lifestyle. With building frontage on two streets and sidewalk improvements fronting on Yale Street, this pedestrian friendly development creates 60 units of affordable housing for area families within walking distance of vital family services.
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 Lotus Garden 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) | - | Rent is Based On Your Income† |
| 1 Bedroom (1/1) | - | Rent is Based On Your Income† |
| 2 Bedroom (2/1) | - | Rent is Based On Your Income† |
| 3 Bedroom (3/1) | - | Rent is Based On Your Income† |
| AMI* | 1 person | 2 people | 3 people | 4 people | 5 people | 6 people |
|---|---|---|---|---|---|---|
| 50% AMI for LIHTC Units | $44,150 / year | $50,450 / year | $56,750 / year | $63,050 / year | $68,100 / year | $73,150 / year |
| 50% AMI for PBRA Units | $44,150 / year | $50,450 / year | $56,750 / year | $63,050 / year | $68,100 / year | $73,150 / year |
| 60% AMI for LIHTC Units | $52,980 / year | $60,540 / year | $68,100 / year | $75,660 / year | $81,720 / year | $87,780 / year |
*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.
Does Lotus Garden have a waiting list?
Lotus Garden 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 Lotus Garden?
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.
What property management company manges Lotus Garden?
Lotus Garden is managed by Solari Enterprises Inc. headquartered in Orange, California.
In addition to Lotus Garden, how many other affordable housing properties (and units) are there in Los Angeles?
In addition to Lotus Garden, 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 Lotus Garden listing last updated?
Lotus Garden listing on Affordable Housing Online was last updated on 01/02/2023 by Joshua Cappell. Remember, a property's status can change so you should contact the property to confirm.
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