Housing Department seeks to merge city loans on 38 affordable units for repairs
Combining two loans at 0% interest would let new owners borrow from Fannie Mae and extend rent limits to 2070.
Thirty-eight apartments for low income families at 451 East 120th Street and Nicolet Street would stay rent restricted 20 more years, to July 13, 2070, while new financing pays for earthquake, electrical and elevator repairs. The Los Angeles Housing Department asks the City Council to combine two city loans, drop interest to zero and extend maturity to June 13, 2060.
What happens next
City Council action, subject to Mayor's approval
How the Council voted on this file
Yes No Absent
- 12–0–3
Housing Department seeks to merge city loans on 38 affordable units for repairs
Council File 26-0978
Named in this record
- Los Angeles Housing Department 21
- Tiena Johnson Hall 6
- Avalon Nicolet Housing, L.P.
- Pacific Southwest Community Development Corporation
- Greystone Servicing Company, LLC
- Fannie Mae
- Avalon Terrace/Nicolet Apartments
Los Angeles City HallPhoto: Nandaro, CC BY-SA 4.0, via Wikimedia Commons
Photo: Nandaro, CC BY-SA 4.0, via Wikimedia Commons
