ADDRESS:
240 Chestnut Avenue
Long Beach, CA 90802
(562) 432-7958
COUNTY: Los Angeles
PROJECT DESCRIPTION:
Las Palmas and LOMCO own a 196 unit project-based Section 8 community in Long Beach, California. The partners completed an extensive renovation in March 2005. The upgrades included new elevators, roof, interior improvements, common area decorating and furnishings, and a new computer learning center.
The community is near Shoreline Drive, home to the Long Beach Grand Prix and the Queen Mary. As well as within walking distance of the downtown Civic Center, city parks, library and numerous restaurants.
PROPERTY MGMT: Living Opportunities Management Company
FINANCING:
Tax Credit Equity Partner: Paramount Financial Group
Construction & Permanent Lender: GMAC Commercial Mortgage
HUD Subsidy: Project-Based Section 8 Contract
UNIT MIX:
123 Studios (359 Sq. Ft.)
73 1-bedrooms (538 Sq. Ft.)
100% AFFORDABLE:
59 units – 50% AMI
137 units – 60% AMI
RESIDENT SERVICES: More Information
