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Affordable Housing Development Proposed at 4600 E. Olympic Blvd in East Los Angeles

A new affordable housing project is set to rise at 4600 E. Olympic Boulevard in unincorporated East Los Angeles, bringing much-needed low- and moderate-income housing to the area. The proposal, recently reviewed by the Los Angeles County Regional Planning Commission, aims to address the ongoing housing crisis by offering 69 affordable units. Project Overview and Design The development is spearheaded by Magna Loyal, LLC, the property owner, with architectural plans crafted by Metropolis Architecture. Known for their involvement in Executive Directive 1 affordable housing projects across Los Angeles, Metropolis Architecture has envisioned a five-story contemporary building for this site. Unlike

October 23, 2024 No Comments

Hong Kong News

China’s Home Sales Rebound as Beijing’s Support Boosts Market Confidence

China’s property market is showing signs of recovery as new data reveals a surge in home sales across the mainland. Following the introduction of supportive measures by Beijing in late September, confidence among homebuyers appears to be reviving, leading to increased transactions in both new and secondary home markets. Surge in Transactions Across Major Cities According to the Lingping Real Estate Data Research Institute, new home transactions across 15 key cities jumped by 24% last week, with sales reaching 24,287 units. Similarly, secondary home sales surged by 20%, totaling 20,724 units across 10 major cities. These figures highlight a significant

October 23, 2024 No Comments

Hong Kong News

Shanghai’s Pre-Owned Home Sales Surge Amid Government Support

Shanghai’s pre-owned home sales have surged, surpassing 1,000 units in a single day for the first time in four months. On October 15, 1,334 second-hand properties were sold, marking a significant rebound in the market. This recovery is largely attributed to the supportive real estate policies introduced by the Chinese central government in late September. The revival follows key measures announced by Pan Gongsheng, governor of China’s central bank, on September 24. These policies include a 50-basis-point reduction in mortgage rates, bringing them closer to new loan levels, and lowering the minimum down payment for second homes from 25% to

October 16, 2024 No Comments

property News

The Disappearing Act of Affordable Housing: A Growing Crisis in the U.S.

Affordable housing in the U.S. is on the brink of a major crisis, as thousands of units built under the Low-Income Housing Tax Credit (LIHTC) program are set to expire in the coming years. This program, which has been in place since 1986, has been responsible for creating 3.6 million affordable housing units, yet many of these units are nearing the end of their 30-year affordability period. For tenants like Marina Maalouf, a longtime resident of Hillside Villa in Los Angeles, this expiration marks a significant threat to their livelihood. Marina’s rent doubled in 2021 after her building’s LIHTC contract

October 8, 2024 No Comments