Osboren Gardens

Osborne Gardens Apartments

PROFILE

Osborne Gardens provides 51 affordable apartments for families in Pacoima, a community located in the San Fernando Valley area of Los Angeles.  Osborne Gardens was a catalyst for surrounding developments that included several new condominium and apartment complexes.  Completed in May 2008, the property remains fully occupied since opening, with a substantial waiting list.  On-site community space and social service programs allow residents to enjoy a supportive living environment.

DEVELOPMENT CHALLENGES

The project required a complex financing plan and funding from many different public agency programs.  In addition, it was built during a period of rapidly rising construction costs.  To complicate matters, the project was previously approved for condominium development which required changes to zoning entitlements.

SOLUTION

Veloce Partners implemented a financing plan that combined funds from several difference resources.  Funds were allocated by the City of Los Angeles Housing Department and Community Redevelopment Agency, along with tax-exempt bond financing, a 4 percent low-income housing tax credit and equity investment. Additional funding came from the State of California’s Department of Housing & Community Development.   Working closely with the contractor and architect, Veloce Partners completed the project on budget and on schedule.

For more information on this development, please visit:www.osbornegardens.com

 

 

Site Design and Development by PanaStream