3510 Maricopa St, Maricopa, CA | Acquired in 2005
Bristol was given the opportunity to become an investor in Golden West Towers in 2005 by Vitus Group, the projects sponsor. Golden West Tower was a 33-year-old, 14-story senior housing facility located in earthquake-prone Los Angeles, California, and facing regulatory challenges from HUD. In need of extensive seismic renovation and other safety repairs, Vitus set out to generate sufficient funds for the retrofit using tax-exempt bonds and low-income housing tax credits.
Drawing on a team of experts from across the country, the team was able to effectively make the case to HUD to allow the nonprofit owner to sell the property and retain the sales proceeds. This made the seismic retrofit possible, and the residents were no longer at risk in their own homes. Working with several partners, Vitus was able to create a financial solution for a project that many said couldn’t be done.
The completed property has since received national recognition for its extensive renovation as well as its resident service programs, and now features a full-time resident service coordinator, library, computer resource center, a well-used private garden, and an extensive social services program.
|Rental Subsidy||Section 8|
|Development Type||Preservation of Existing Affordable Housing|