As home prices rise, making home ownership downright impossible for loads of Los Angeles County residents, a developer is building dozens of single-family homes for moderate and low-income families in the South LA neighborhood of Willowbrook.
The Olson Company has announced the development, Magnolia Walk, will offer 30 affordable and 64 market-rate homes. The detached residences will range in size from nearly 1,400 square feet to just over 2,000 square feet.
The affordable homes will be available to qualified low-income residents for $80,000 and up, and they will include down-payment assistance from the county.
“Our market rate homes are expected to start in the $400,000s, giving many residents an opportunity for home ownership at far below the current median price for a new home in Los Angeles County,” The Olson Company’s president and CEO Scott Laurie, said in a statement.
Magnolia Walk will rise just south of the 104-acre recreational Earvin “Magic” Johnson Recreational Area, which is undergoing a $45 million renovation. The Olson Company has not released an expected opening date for the project.