New affordable housing development planned for Figueroa Street

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The Figueroa Street lot that houses nonprofit community lender RISE Financial Pathways could soon be redeveloped with an affordable housing complex, according to plans filed with the city Friday.

Those plans call for the construction of a new building with 57 units—one manager’s residence and 56 affordable units for homeless residents and veterans. The project applicant is listed as RISE itself, an organization established in 1993 through a public-private partnership between the city of Los Angeles and a group of banking institutions.

It’s not clear whether or not the project would necessitate the demolition of RISE’s low-slung brick office building, built in 1961.

Located at the corner of 40th Place, the project site is in the midst of a rapidly transforming stretch of the Figueroa corridor. It’s less than two blocks away from the southeastern boundary of Exposition Park, where construction is underway on a flashy new stadium that will house the city’s forthcoming soccer team, the Los Angeles Football Club.

Rising from the site of the former Sports Arena, the stadium will be adjacent to the Coliseum, which USC plans to update with a $270 million renovation following this year’s football season.

On the other side of Figueroa, a huge development with a hotel, student housing, apartments, and commercial space is also being planned.

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