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City will help fund affordable housing in Eagle Rock

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A $15 million bond will go toward 41 units of housing on Colorado Boulevard

View of project site, currently apartments-turned offices Google Maps

At its Tuesday meeting, the LA City Council approved a housing bond providing more than $15 million to the developer of a mixed-income apartment building in Eagle Rock.

The four-story project includes 41 units of housing, with 25 units set aside for low-income seniors. Situated at 2451 Colorado Boulevard, the structure will also include 3,194 square feet of ground-floor retail space and a community room, with laundry provided in the building next door.

That building, owned by the same developer, was constructed in 2006, and has drawn the ire of local residents for its bright, gold-colored exterior. The new structure probably won’t have quite as dramatic a color scheme; as the Eastsider reported back in 2011, the Eagle Rock Association wrote a letter to developer Kurken Alyanakian politely requesting that his company employ a more “neutral” color scheme in future projects.

The apartments will replace a former duplex that was converted into an office building in 2008.

Funding for the development was initiated by the Housing and Community Investment Department. In all, the city will issue $15.1 million in revenue bonds to finance the project’s construction.