HUD Secretary's Best in American Living Award Winners 1999 |
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Vermont Village PlazaSouth Central Los Angeles, California Projected Home Prices: $106,900 Median Home Price in the Metropolitan Statistical Area: $179,000 Description: Vermont Village Plaza is the result of a 1994 design-build competition sponsored by First Interstate Bank. The competition teamed architects with local developers and builders and asked them to create a mixed-use development proposal that would act as a catalyst for further economic development in the area. The premise of Vermont Village Plaza is that affordable homeownership is a key to neighborhood revitalization. The project includes 36 owner-occupied homes built over stores. The Los Angeles Housing Department provided financing options for qualified homebuyers including payment assistance, mortgage credit certificates, and mortgage revenue bonds for first-time homebuyers. Perhaps most importantly, the project balances the needs of homeowners while accommodating cars and pedestrians. Vermont Village Plaza establishes a new and effective public/private partnership, which will help Vermont Avenue to once again become a thriving commercial corridor.
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