The CMFA Issues $15,880,000 in Tax-Exempt Bonds for the Skid Row Central 1 Apartments Project
The Skid Row Central 1 Apartments project is a scattered site re-syndication and rehabilitation of two existing affordable multi-family rental developments known as Rossmore Apartments and Weldon Apartments, located at 507 Maple Avenue, Los Angeles, and 905 East 6th Street, Los Angeles, California. Rossmore is comprised of 57 units and Weldon has a total of 54 units. The project involves the refinance of existing public debt with 4% Low Income Housing Tax Credits and tax-exempt bonds. Renovations include the retrofitting of major building systems to increase the physical lifetime and energy efficiency of each building and increase the financial sustainability of the project. Both projects are made up of studio apartments serving formerly homeless households making 50% and 60% or less of Area Median Income. This financing will help preserve 111 units of high quality, affordable housing for households in the City of Los Angeles for the next 55 years.