Project Name: Fickett Towers

Location: Van Nuys, CA

Purchased in 2012 from a local faith-based non-profit in Los Angeles, this property had been damaged during the 1994 Northridge earthquake and was fixed with the award of a HUD HELP loan. The complex sales transaction complexities included multiple HUD approvals and waivers including non-profit sales proceed waivers, rent increases, HAP Assignments, and commitments to building renovations. This was the first transaction in the country to utilize new HUD non-profit sales proceed procedure.

In conjunction with the purchase, we successfully completed a 4% bond transaction to better fund the needed repairs. During a tenant in place rehabilitation, we renovated all interior unit components including bathroom vanities, kitchen cabinets and countertops, new energy efficient appliances, carpet, paint, and light fixtures. We also replaced the first-floor lateral plumbing, the emergency generator, and the chiller. We were able to obtain weatherization support from both the LADWP (rebates and other incentive programs) and Energy Upgrade CA via participation in the Los Angeles County Multifamily Whole Building Pilot Program. We successfully more than achieved a 10% reduction in energy use. In 2012 we were awarded a service coordinator grant that would provide two service coordinators to the residents of Fickett Towers.