Fickett Towers Tax Credit Rehab

Project Name: Fickett Towers

Location: Van Nuys, CA

Overview
Fickett Towers is a 120-unit residential complex located in Los Angeles, CA, serving a diverse and low-income community. Purchased in 2012 from a local faith-based non-profit, the property had been damaged during the 1994 Northridge earthquake but was repaired with the help of a HUD HELP loan. The transaction was the first in the nation to utilize a new HUD non-profit sales proceed procedure, which included multiple HUD approvals, waivers, and commitments to renovations. The property underwent extensive renovations with the support of a 4% bond transaction to fund repairs and upgrades.

Project Highlights
In 2012, CCI completed a comprehensive renovation at Fickett Towers, which included extensive interior upgrades such as bathroom vanities, kitchen cabinets, countertops, energy-efficient appliances, carpets, paint, and light fixtures. Significant improvements were also made to building systems, including replacing the first-floor lateral plumbing, emergency generator, and chiller. With the support of weatherization incentives from LADWP and Energy Upgrade CA, the property achieved over a 10% reduction in energy usage. Additionally, CCI was awarded a service coordinator grant to provide two service coordinators to support the residents in enhancing their quality of life.

Features and Amenities
Fickett Towers offers residents a range of services and amenities, including:

• Two full-time service coordinators
• Weatherization and energy-efficient improvements
• Upgraded community spaces and living units
• Participation in the Los Angeles County Multifamily Whole Building Pilot Program