The Dana Strand Senior Apartments celebrated its groundbreaking for the development of a 100 unit senior apartment complex in Los Angeles county last week. The apartments, scheduled to open in 2011, are eligible for residents with annual incomes ranging from 30% of the Los Angeles County Area Median Income. The three story development is being financed with 4% Low-Income Housing Tax Credits and tax-exempt bond financing, courtesy of the Freddie Mac Credit Enhancement Program. Citi Community Capital and the Los Angeles Housing Department have also partnered for financing assistance for the Dana Strand apartments.
“Opening these newly renovated units at Dana Strand moves us closer to fulfilling our promise to ensure our seniors are able to stand on their own two feet and live in a dignified manner even while working on a fixed income,” said Mayor Antonio Villaraigosa. “We are fully committed to continually working towards our goal of 20,000 affordable housing units Citywide.”