Press Release: Fickett Towers – Renovation of Affordable Housing
California Commercial Investment Group, Inc. (CCI), a California-based national affordable housing preservation and development firm, is proud to announce the Grand Opening of Fickett Towers Senior Apartments in Van Nuys, CA, an age-restricted, 55 and older HUD Project-Based Section 8 Low-Income Housing Tax Credit (LIHTC) Property.
An important part of Los Angeles’ affordable portfolio since approximately 1972, Fickett Towers was in danger of conversion to a market rate apartment complex, which would have resulted in hundreds of elderly residents losing their homes. The affordability covenants governing the apartment complex were set to expire along with the HAP contract providing rental subsidy to the elderly residents. The property was purchased in 2012 and then refinanced using a tax exempt bond and 4% LIHTCs, with permanent debt via HUD’s 223(f) loan program. The transaction included a long term renewal of the existing rental subsidy contract and the placement of extended use restrictions on the property, ensuring affordable housing to Los Angeles’s elderly and disabled residents for decades to come.