USA Properties Fund Completes Rehab on LA Seniors Community
- Apr 14, 2014
Huntington Park, Calif.—The renovation of Huntington Plaza Apartments, a 184-unit low-income seniors housing property in the Los Angeles suburb of Huntington Park, has been completed. The entire cost of the property’s acquisition and rehabilitation was $30.2 million.
USA Properties Fund, which specializes in senior and family projects, rehabilitated Huntington Plaza Apartments. The property is open to individuals 55 and older with income levels between 50 percent and 60 percent of the area’s median household income. Located at 6330 Rugby Ave. in south Los Angeles County, the property was previously known as City Housing Rugby.
Huntington Plaza Apartments is a four-story building comprised of one- and two-bedroom units that feature electric ranges, refrigerators, central air, patio or balcony, walk-in closets and an intercom. Common amenities include on-site management, a community room, laundry facility, fitness center, garden area, controlled-access entry, computer center and elevator.
The property also includes an AltaMed Adult Day Health Care Center. The center offers a regular schedule of daily activities for seniors that encourage fitness, wellness and health education.
WNC provided $5.6 million in low-income housing tax credit (LIHTC) equity for the acquisition and rehabilitation. The 4 percent LIHTC Program requires that 20 percent of units be reserved for seniors earning at or below 50 percent of the area’s median income, or at least 40 percent of units be reserved for seniors earning at or below 60 percent of the area’s median income level. Additional project financing was provided by Citibank and the City of Huntington Park.