“Two developers, John Perfitt and Jason Neville, have teamed up to work on affordable housing projects that take on the crisis of homelessness. Through creative funding sources and social-focused design, they’re working towards innovative solutions that provide affordable housing in underutilized areas for a fraction of the usual cost.” writes Adam Gower for ValueWalk.
The California average of $400,000 – $700,000 to purchase a unit is out of reach for many who live there. Perfitt and Neville are entrepreneurial and creative, constantly looking for innovative ways to provide low-cost housing. This project goes even further. Bungalow Gardens will provide housing for formerly homeless residents. Perfitt and Neville both believe that the development of creative, affordable housing projects with community focus could change public opinion and change the future of the development industry.
Bungalow Gardens is new construction infill on a vacant lot in residential South Los Angeles. There they plan to build a modernized version of the 1930s small-scale housing product known as bungalow courts. The site is close to transit and therefore qualifies for LA’s new Transit Oriented Communities Affordable Housing Program which allows for parking waivers and other incentives. The developers believe that the small scale of the project may very well lead to its success.
Innovative in the financing of their project as well, Perfitt and Neville have raised equity through a crowdfunding campaign on Small Change.
Read the full story here.
Image provided by John Perfitt and Jason Neville.