LA78
LOS ANGELES, CALIFORNIA
Goal: To preserve six affordable housing complexes located in desirable, dense, urban infill neighborhoods that are in high risk of affordability loss from past and future gentrification in Los Angeles.
The LA78 project is a six property, scattered site portfolio located in some of Los Angeles’ most in-demand rental markets. CDP partnered with BLVD Capital to acquire and rehab the six properties most of which were built in the 1920s. LA78 is a family development available to households with incomes at or below 60% of area median income. 74 of the 78 units are covered under long term, project based Section 8 HAP agreements. 61% of the units are located in a QCT.
A central property management office located at the 22nd St property will serve all properties in the portfolio. Each site has its own unique character with varying amenities. All provide on-site laundry, two will have play areas, three will have BBQ and outdoor seating areas, and one will be upgraded to add organic garden boxes and edible fruit trees for resident use.
DEVELOPMENT
The project financing includes tax-exempt bonds allocated by CDLAC and issued by CSCDA which will be collateralized by the proceeds of an FHA 223f loan, and equity from the sale of non-competitive 4% LIHTC allocated by CTCAC.
Exterior renovations at all buildings in the LA78 portfolio will include new roofs, windows, paint, and extensive new landscaping. Four of the six sites will undergo seismic foundation repairs. All unit interiors will be upgraded with new energy efficient appliances, cabinets, counters, fixtures, lighting, paint, and LVP flooring. Construction will start late February, 2018 and is scheduled to be completed in October, 2019.
DATA
- Completion Date: 2019
- Total Development Cost: $24.5M
- Affordability: 50% - 60% AMI
- Total Units: 78
- Unit Mix: 19 0BD, 41 1BD, 12 2BD, 6 3BD
TEAM
- Developer: CDP
- Architect: Ground Floor Design
- Contractor: Katerra
- Property Management: Solari