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DeSola Development Finances Housing Project with Tax-Exempt Bonds

The CMFA will act as issuer for tax-exempt bonds to benefit a project by DeSola Development.

The Pierce Park Apartments is an acquisition/rehabilitation of a 430-unit, affordable multi-family housing development made up of ten 2-story buildings. The project was last renovated in 1999 using tax-exempt bonds and proceeds from the syndication of 4% LIHTC. The project’s units will all be restricted to households making no more than 50% and 60% of Area Median Income with the exception of four market rate units that will be used as manager’s units. In order to preserve Pierce Park Apartments, critical renovations will need to be addressed. Renovations will be done to improve energy efficiency and to meet sustainability goals and improve building performance. The project is located at 12700 Van Nuys Blvd., Los Angeles, California. This financing will continue to preserve 426 units of affordable housing in the City of Los Angeles for another 55 years.

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