Los Angeles opened a new affordable housing project that represents the first development to be completed under the city's 2016 bond measure Proposition HHH, ABC7 reports.
L.A. voters approved this $1.2 billion bond measure to build about 10 thousand housing units to help alleviate homelessness in the city and to relieve the housing crisis in L.A. Since passing, funding commitments have been made to 118 developments.
ABC7 adds that this new project is named 88th and Vermont after its location. 88th and Vermont offers 46 housing units going to veterans, transitional-aged youth, households with special needs experiencing chronic homelessness and low-income families.
Mayor Eric Garcetti and several local city councilmen appeared to celebrate the opening of the project.
Garcetti told reporters and attendees more are on the way.
"We will see an opening of one of these about every three weeks this year. By my calculations next year it might be every two weeks or less."
Rent at 88th and Vermont will range from $473 a month for a studio to $703 for a three-bedroom apartment. Rent subsidies will be provided through city and county agencies.
Watch ABC7's reporting below and Mayor Eric Garcetti's Tweets below:
PHOTOS: Courtesy of Mayor Eric Garcetti's Twitter