Real Estate Development Mission statement The mission of the Real Estate Development Department is to produce and preserve quality affordable housing, as well as the community assets that provide essential services to the residents of Boyle Heights and Unincorporated East Los Angeles. History Real estate development has been one of ELACC’s core concerns and activities since it began its operations in 1996. ELACC was created to assist low-income residents to improve their quality of life by promoting wealth and asset building through homeownership opportunities and financial awareness. The goal of fostering self-sufficiency within the community underlies this effort. ELACC's Affordable Housing Program involves new construction as well as major rehabilitation of: Single-family homes Apartment buildings Child-care centers and Other community facilities. Working through City and County of Los Angeles programs, ELACC structures development financing so both single-family homes and apartments are affordable to low-income residents. ELACC makes its housing available to households whose income falls between 35% to 50% of area median income (AMI) for rental units and 50% -80% of AMI for homeownership units. ELACC has leveraged over $50 million in real estate development resources In only a decade of achievement, ELACC is responsible for many accomplishments in developing affordable housing. Developments: Developed and sold 44 homes to low-income first-time homebuyers Developed 95 multifamily units of affordable rental housing. 104 units of multifamily housing in various stages of development. Developed and sold 42 detached condominiums Provide Technical Assistance to two non-profits new to development world Two child-care facilities completed under construction Awards 2005 Developer of the Year Southern California Association of Non-Profit Housing (SCANPH) 2004 Affordable Housing Award, SCANPH Non-Profit Project of the Year, Homeownership Category, Michigan Avenue Homes Pacific Coast Builders Gold Nugget Award Los Girasoles 2003 Affordable Housing Award, SCANPH Non-Profit Project of the Year Multi-Family Category, Paseo Del Sol 1999 Affordable Housing Award, SCANPH Non-Profit Project of the Year Pomeroy Homes Goals To preserve and increase the stock of affordable housing units in the region through new construction and rehabilitation of multi-family apartments and single-family homes for the working poor. To develop vital and needed community assets such as charter schools, parks, business space and childcare facilities that will benefit the Boyle Heights community at large.