Irmas Family Campus at LA Family Housing
Deliverable: Secure Funding for a Mixed-Use Development
LA Family Housing (LAFH) hired CTY Housing to temporarily fill LAFH’s housing development director position. CTY supervised LAFH’s housing development staff, and worked to secure financing commitments for an ambitious mixed-use development that redeveloped a site with an existing 200-bed emergency shelter into 50 units of permanent supportive housing for formerly homeless adults and 20,000 square feet of commercial space that would be a one-stop location for legal aid, health services, enrollment in public benefits, and other services. The financial structure required a ground lease and a simultaneous closing of the residential and commercial portions, which were separately financed. For the permanent supportive housing component, CTY packaged all financing applications and secured commitments for 9% LIHTC, AHP, LA County Affordable Housing Trust Funds, conventional construction and term debt, and project-based rental subsidy. CTY worked to restructure the existing debt on the shelter and other properties owned and managed by LAFH, and coordinated aspects of the commercial portion to secure New Markets Tax Credits. LAFH engaged CTY Housing to manage the construction loan closing and permanent conversion.
Hollywood Community Housing Corporation
Deliverable: Acquired Over 400 Units of Affordable and Permanent Supportive Housing
Hollywood Community Housing Corporation (HCHC) engaged CTY Housing on several occasions to build its development pipeline. CTY used CRA funding to assemble 4 of 5 parcels on Central Avenue, which yielded a 74-unit affordable and permanent supportive housing development for low-income families and formerly homeless households, and another 2 properties in East Hollywood, which supported a 54-unit development for families. CTY also secured a property for development in a new mixed-use zone in El Monte, which led to 49 units for families and homeless veterans, and a 3-acre site in Compton that supported 85 units of housing for families and formerly homeless households. CTY’s scope included preparing an initial development concept and financial feasibility analysis, conducting due diligence, negotiating the terms of purchase from private parties, applying for entitlements,extensive community engagement, and securing acquisition financing commitments. CTY also prepared the initial development concept and feasibility analysis for two City of LA-owned sites, which were awarded to HCHC. In total CTY assembled, acquired, and secured sites yielding more than 400 units of affordable and permanent supportive housing.
Deliverable: Housing Implementation Plan and Evaluation of Housing Conditions
Mariposa County engaged a team of consultants including CTY Housing, to evaluate housing conditions and local market dynamics as well as to develop a countywide housing implementation plan. CTY Housing conceptualized the research methodology for the consulting team, drafted the majority of the Evaluation of Housing Conditions report, including recommendations for housing preservation and development. CTY Housing also developed a format for a town hall meeting and prepared a series of recommendations for the Housing Implementation Plan, which included staffing, adopting financing strategies to encourage housing preservation, land use reform, and the development of accessory dwelling units (ADUs).
Copyright © 2020 CTY Housing, Inc. - All Rights Reserved.