DEAL OF THE DAY: CalHFA Commits $19.9 Million for Preservation of Affordable Senior Housing Apartments

By Anuradha Kher, Online News EditorSacramento, Calif.–Grand Plaza Apartments, an affordable housing community in the Chinatown Redevelopment Plan area of central Los Angeles, will soon receive renovations in order to preserve housing for more than 400 low-income seniors. The California Housing Finance Agency (CalHFA) board of directors has approved $19.9 million in long-term financing that will enable Denver, Colo.-based Aimco (Apartment Investment and Management Co.) to protect Grand Plaza’s rental affordability for seniors from ages 62 or older, with household incomes ranging from 30 percent to 80 percent of area median income.Grand Plaza consists of 302 units in five four- and six-story residential buildings. The buildings were constructed in 1990 and will now undergo rehabilitation work including replacement of roofing, windows and mechanical systems; installation of energy-efficient lighting; new paint, and repairs to balconies. The residential units will receive electrical upgrades, new cabinetry, countertops, paint, flooring and appliances. The common areas will undergo general improvements. The work is scheduled to be complete by the end of 2008.“Senior citizens on fixed incomes, especially those with low incomes, find it difficult to make ends meet,” says Theresa Parker, CalHFA executive director. “CalHFA financing has direct impact on their financial bottom line by preserving their affordable housing.”