A new Next City article highlights how streamlined housing approvals in Los Angeles are helping developers build affordable homes faster and at a lower cost. The story features BlueHub Loan Fund President Karen Kelleher and Visionary Developments’ Court Residences, a 189-unit workforce housing development in the city’s Echo Park neighborhood.
BlueHub Loan Fund provided a $10.4 million construction loan to support the project, led by developer Terry Harris. Through Los Angeles’ Executive Directive No. 1 (ED-1), which expedites approvals for affordable housing, Visionary Developments was able to expand its plans and reduce the time and expense required to begin construction.
Kelleher estimates that ED-1 saved Court Residences approximately 18 months in predevelopment. She points to the policy as an example of how local and state governments can help make affordable housing development more feasible, particularly when federal subsidies are limited.
“Affordable housing is a math problem that just doesn’t work,” Kelleher says.
“So solutions like this are saying
‘we have to do something different.’”
Court Residences broke ground in August 2025 and is expected to welcome tenants in August 2027. The project illustrates how streamlined approvals and mission-driven financing can work together to expand access to affordable housing.