The Los Angeles Times ran an interesting article last week entitled, City stuck with a South L.A. eyesore but has few options, that discussed a stalled, affordable / low income senior housing project that has been vacant for over a year. The Buckingham Palace project was constructed on Marlton Square, a mixed use development that was supposed to provide senior housing, retail shopping and other services. The Los Angeles Community Redevelopment Agency provided $8.5 million in federal funds for the project is in the process of initiating foreclosure proceedings and cannot hire another developer as the site is tied up in bankruptcy court cases associated with the developers. The city is also moving to recapture some of the $13 million in tax credits it provided to the project and reallocate them for other projects. Will someone be able to finish the senior housing project or will the existing structure have to be demolished? For the full article, click here.
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