Pueblo del Sol Phase I and II- Resyndication and Rehabilitation

1337 Gabriel Garcia Marquez St, Los Angeles, CA 90033

Project Summary and Brief History

Pueblo Del Sol was developed in 2003 on a 34.3-acre former public housing site, known as Aliso Village Public Housing Community, which was originally home to 685 public housing units. The redevelopment began with the construction of 377 rental units called Pueblo Del Sol in two phases along with a park, Management Office, and Community Center, 93 for-sale homes in a third phase called Vista Del Sol, and the construction of a public high school called the Mendez Learning Center by the Los Angeles Unified School District. As part of its original terms of redevelopment, HACLA held the option to purchase the rental phases at the end of their tax credit compliance periods. HACLA exercised that option, and in November 2019 purchased the limited partnership interest in both Pueblo del Sol phases, and decided to rehabilitate all the rental units in two phases: Pueblo del Sol I and Pueblo del Sol II in partnership with its developer partner, Related Companies of CA. In order to ensure long-term affordability and allow for further investment into the Project, HACLA undertook a Rental Assistance Demonstration (“RAD”) conversion of the existing public housing units and will be layering non-RAD PBV on all eligible tax credit units in the Project.

The rehabilitation work of Pueblo del Sol I commenced in November 2020 after construction financing closing in October 2020 and is anticipating completion by February 2022. The construction loan for Pueblo del Sol II was closed in May 2021 and the rehabilitation work is projected to start in July 2021, anticipating completion by August 2022.

Unit Mix and Affordability

Pueblo Del Sol Phase I: Pueblo del Sol I comprise two hundred and one (201) units in thirty-six (36) buildings 112 RAD units, 8 PBV (De Minimis) units, 31 PBV (Tax Credit) units, 49 Tax credit only units , and 1 Manager’s Unit. Pueblo Del Sol II consists one hundred and seventy-six (176) units comprising of 112 RAD Units, 10 PBV (De Minimis) units, 19 PBV Tax Credit units, 34 Tax credit only units, and 1 Manager’s Unit. Additional PBVs will be attached to remaining Tax credit only units in both phases for a maximum of 133 PBV units when tenants qualify for the Section 8 subsidy.

100% of the units (excluding the manager unit) will remain deeply affordable to families at or below 80 percent of Area Median Income (AMI).

The Rehabilitation Scope of Work

The rehabilitation scope includes updating residential buildings, upgrading the management building, and exterior common area amenity spaces. Exterior work consists of painting of buildings, replacement of roofing material with a similar roofing material, improved light fixtures, enhancements to trash enclosures and new photovoltaic arrays. The building interior will receive new flooring, paint, light fixtures and furnishings. The Management Building will be improved with an expanded fitness room, expanded multipurpose room, improved staff offices and a new breakroom. The leasing office will be reconfigured to increase security and create a separate waiting lobby, which will allow the space to be more functional for the management staff. Site work consists of landscaping changes to accommodate additional accessible parking spaces and carports, and improvements to the walkways leading to and from accessible units. The Community Center will undergo significant rehabilitation with a new teen community room and teen lounge, new kitchen, new music room, and a computer lab, while the multi-purpose room, lobby and the public restrooms will undergo renovations. The Park Paseo private street will be reconfigured with angled parking that will create approximately 23 new parking spaces and help alleviate the parking shortage in this community. The Community open space will be reprogrammed with a new soccer field, a new tot lot, seating areas, BBQ area, picnic area, two dog parks, and lush landscaping around the edge of the park. All the interior rehabilitation work is being carried out while tenants are temporarily relocated either to vacant units onsite or off-site at hotels or apartments. Relocation in both phases will continue on a rolling basis for approximately 12 months with approximately 6 to 9 households relocated at one time.