NH&RA member firm California Commercial Investment Group, Inc. (CCI), a California-based national affordable housing preservation and development firm, recently celebrated the Grand Opening of Fickett Towers Senior Apartments in Van Nuys, CA, an age-restricted, 55 and older HUD Project-Based Section 8 Low-Income Housing Tax Credit (LIHTC) Property. CCI purchased Fickett Towers in 2012 and then refinanced using tax exempt bonds and 4% LIHTCs, with permanent debt via HUD’s 223(f) loan program. The transaction included a long term renewal of the existing rental subsidy contract and the placement of extended use restrictions on the property, ensuring affordable housing to Los Angeles’s elderly and disabled residents for decades to come.
Special guests at the grand opening included Congressman Tony Cardenas (D-CA-29) and Maria Lombardi from HUD’s Los Angeles field office.
