Voters approved the $1.2 billion bond measure to build roughly 10,000 housing units to help relieve the homelessness and affordable housing crisis in Los Angeles. Since it passed, funding commitments have been made to 118 developments.
The new project, named 88th and Vermont after its location, 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 said more are on the way.
"We will see an opening of one of these about every three weeks this year," the mayor said. "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.