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Thirty-year affordable housing owner spins its 8,000-home management business into a dedicated third-party platform. Chris Brown named President.

WESTLAKE VILLAGE, Calif., September 21, 2026 — CCI today launched The Property Management Company, Inc. (“The PMC”), a national third-party property management platform operating as CCI’s sister company.

The PMC manages approximately 8,000 apartment homes across more than 30 states with a team of more than 400, specializing in Project-Based Section 8, Section 202 and PRAC, and Low-Income Housing Tax Credit communities alongside conventional multifamily. Built inside CCI over three decades of owning, developing and preserving affordable housing, it now takes that experience to the third-party market under its own name.

Chris Brown, who has led the business for the past three years, has been named President.

“We spent thirty years building housing, and somewhere along the way we built an operating team good enough that keeping it to ourselves started to feel unfair,” said Danielle Hastie, Chief Executive Officer of CCI. “Today they get their own company. We get to be their client, and we intend to be a demanding one.”

“To some, ‘The Property Management Company’ may sound a little generic,” said Chris Brown, President of The PMC. “To us, that is the sound of 100% focus on being fantastic operators, for the benefit of our clients and our residents. Four hundred people earned this.”

There is no change in overall control of either company. The same ownership group stands behind both, and Danielle Hastie continues as Chief Executive Officer of CCI. CCI continues to acquire, own, develop and preserve multifamily and affordable housing nationwide.

Coatesville, PA – February 24, 2025- Coatesville Towers, a CCI property recently had the honor of partnering with WC Atkinson, a neighboring men’s shelter, for a special Act of Service Day. The event brought together a dedicated team of local professionals—including stylists, barbers, nail technicians, photographers, nurses, and VA representatives—to provide residents and staff with a memorable day of care and connection.

“This collaboration was truly extraordinary,” said Maya Lawson, Service Coordinator at Coatesville Towers. “The joy and appreciation on the faces of our residents were unforgettable. WC Atkinson and their volunteers created a space for genuine connection, reminding everyone of the strength in community care.”

Throughout the day, participants were pampered with haircuts, manicures, wellness checkups, and professional portraits. The atmosphere was filled with joy and camaraderie as neighbors came together to celebrate the importance of service and care.

CCI sincerely thanks WC Atkinson, the volunteers, and the talented professionals who dedicated their time and expertise to making the event a success. This day exemplifies the strength of community partnerships and the meaningful connections they create.

Westlake Village, CA – February 7, 2025 – CCI is excited to share that our Co-Founder, Garry Collett, has been appointed to the Board of Directors for Housing Trust Fund Ventura County (HTFVC). This appointment reflects Garry’s passion for creating lasting affordable housing solutions and strengthening communities.

With a career in real estate spanning five decades, Garry has played a key role in shaping CCI’s approach to real estate investment and management. Starting as a commercial real estate broker in Canada before transitioning to real estate investment in the U.S., his expertise has helped CCI grow into a leader in affordable housing. His deep understanding of acquisition, ownership, and management, particularly in senior affordable housing—aligns seamlessly with HTFVC’s mission to support housing opportunities for those in need.

HTFVC provides critical funding to help affordable housing projects move forward in Ventura County. Garry’s insights and leadership will support the organization’s ongoing efforts to expand housing accessibility and community impact.

“It’s an honor to serve on the Board of Housing Trust Fund Ventura County,” said Garry. “Affordable housing is a cause close to my heart, and I’m eager to collaborate with HTFVC to drive meaningful progress for individuals and families in need.”

CCI congratulates Garry on this exciting new role and remains committed to working with industry partners to create thriving communities through innovative housing solutions.

WESTLAKE VILLAGE, CA – December 11, 2024 – CCI is proud to announce its recognition as one of the Top 25 Best Places to Work Multifamily® for 2025, a prestigious honor celebrating companies that excel in workplace culture and employee engagement. Additionally, CCI ranked in the Top 30 for Best Places to Work Multifamily® for Women – Property Management Companies/Owners, highlighting the company’s dedication to fostering a supportive and inclusive environment and its pride in the many women who hold leadership roles across the organization.

The announcement was made at the Multifamily Innovation® & AI Summit, held in Phoenix, AZ, on December 5–6, 2024. CCI leaders participated in the Multifamily Innovation® Showcase, collaborating with industry executives shaping the future of multifamily housing.

“At CCI, our people are at the heart of everything we do,” said Danielle Hastie, CEO of CCI. “This recognition as a Best Place to Work Multifamily® reflects our unwavering commitment to fostering an environment where employees feel valued, supported, and inspired to contribute to our shared success. We are incredibly proud of the culture we’ve built together and the positive impact it has on our residents, tenants and communities.”

The Best Places to Work Multifamily® program evaluates companies based on a rigorous assessment of workplace policies and confidential employee feedback, providing a comprehensive look at organizational success. Engaged teams are shown to boost revenue, reduce turnover, and inspire innovative approaches to serving communities.

The multifamily industry plays a crucial role in the U.S. economy, contributing over $3.4 trillion annually and supporting more than 17.5 million jobs. Programs like Best Places to Work Multifamily® celebrate the companies driving innovation, growth, and leadership in this vital sector.

THOUSAND OAKS, CA – November 20th, 2024 – 1710 ON THE BLVD, a luxury apartment community owned by CCI, has been honored by the City of Thousand Oaks as the 2024 recipient of the Athens Services Annual All-Star Recycling Champion Award. This award recognizes the community’s proactive recycling efforts, which have exceeded the city’s recycling standards and contributed to local sustainability.

The award was accepted by Kristine Hakizimana, property manager of 1710 ON THE BLVD, who has played a critical role in implementing the community’s recycling programs. Since its construction, 1710 ON THE BLVD has adhered to a comprehensive Recycling Plan, approved by the City of Thousand Oaks. This plan includes the collection of glass bottles, aluminum cans, cardboard, mixed paper, and organics.

Recycling at 1710 ON THE BLVD is integrated into daily operations, with waste and recyclables collected three times per week, and organics once a week. These consistent efforts have reduced waste output and promoted responsible waste management within the community. Additionally, the on-site restaurants diligently manage trash and food waste separation, contributing significantly to the program's success.

“We are deeply honored to receive the 2024 Recycling All-Star Award from the City of Thousand Oaks,” said Kristine Hakizimana. “This recognition reflects our ongoing efforts to make recycling a fundamental part of daily life for our residents and commercial tenants.”

“We are incredibly proud of Kristine and the team at 1710 ON THE BLVD for their ongoing dedication to recycling,” said Danielle Hastie, CEO of CCI. “This award reflects how the daily and consistent efforts of separating trash and providing recycling opportunities to our residents and tenants contribute to a larger, positive impact on our community. Small actions like these matter as we all work toward becoming a greener city.”

About 1710 ON THE BLVD1710 ON THE BLVD is a luxury apartment community located in Thousand Oaks, California. Known for its modern amenities and premium living experience, 1710 ON THE BLVD exemplifies eco-conscious living in a sophisticated setting. For more information, visit www.1710BLVD.com.

WESTLAKE VILLAGE, CA – September 30, 2024 – CCI recently participated in a community outreach effort in Los Angeles, where a group of employees from CCI's headquarters, alongside team members from local properties including 1710 on the Blvd, The Villas at Channel Islands, and Fickett Towers, partnered with Our Big Kitchen Los Angeles (OBKLA) to support their mission of addressing food insecurity.

The group prepared, cooked, and packaged over 300 kosher meals in under two hours. Additionally, CCI contributed a generous donation of nearly $3,000 to further support OBKLA’s mission of serving nutritious meals to families in need throughout Los Angeles. This event provided an opportunity for CCI employees to connect with one another outside of the office environment and engage with the broader community to address a critical issue affecting the region—food insecurity.

OBKLA, a nonprofit organization, produces over 100,000 meals annually by partnering with various charities across Los Angeles to ensure that those in need receive healthy, balanced meals. Their efforts extend far beyond just providing food; they focus on delivering meals with the care and respect that every individual deserves.

“This initiative is a testament to CCI’s ongoing commitment to positively impacting the communities we operate in," said Mark Weinstock, CCI’s Executive Vice President and General Counsel, who had previously volunteered with OBKLA. “We recognize that food insecurity is a growing issue in Los Angeles, and it’s important for us to not only contribute financially but also actively engage in meaningful ways to make a difference.”

This outreach highlights CCI’s dedication to supporting local communities and fostering a sense of connection beyond the office. By actively engaging in initiatives like OBKLA’s, CCI continues to reflect its company culture of collaboration and compassion, while creating opportunities for employees to make a meaningful impact in the areas where they live and work.

WESTLAKE VILLAGE, CA – September 20, 2024, California Commercial Investment Group, Inc., is excited to unveil a rebrand and will be known simply as CCI going forward, marking a significant milestone as the company approaches its 30th anniversary. This rebrand is part of a broader strategy designed to honor the 30-year legacy established by co-founders Garry Collett and Lou Mellman, while embracing the future path of CCI under the new leadership of CEO Danielle Hastie, and Chief Financial & Operations Officer (CFOO) Kim Siegert, along with expanded Executive and Leadership teams.

CCI’s new brand identity recognizes the company’s evolution from a small regional business to a large national organization that has expanded well beyond its original footprint of California to cover over 30+ states across the country. It is also a reflection of CCI's vision of itself as a modern, innovative company dedicated to smart growth and creating opportunities for teammates and communities to thrive. CCI’s core business areas of Investment, Development and Property Management have been reimagined in preparation for continued growth as the company gears up to offer many of its customer centric services such as Asset Management, Property Management, Service Coordination and Compliance services to third party clients.

Danielle Hastie, CEO at CCI explains, “As we look to our future strategic expansion, we remain committed to excellence in the field of real estate and to our core values of integrity, resiliency and joy, embracing our past and excited for our future.”

The company’s rebranding efforts include a modernized logo and a fresh color palette, both of which symbolize CCI’s adaptability and forward-thinking approach.

“Our refreshed brand image comes as we prepare to celebrate our 30th anniversary in 2025. This step highlights our commitment to growth and relevance in a changing marketplace as well as remaining a best in class organization for development, investment and property management,” said Chris Brown, Executive Vice President of Property Management at CCI.

Durham, NC – September 6, 2024 – The Joyce and JJ Henderson Senior Campus, a collaborative effort between CCI, Florian Companies, the Durham Housing Authority (DHA), Laurel Street Residential and the Miracle League was recognized as an outstanding example of affordable housing excellence at this year's Housing North Carolina Awards. The revitalized campus, located in downtown Durham, received the award for its innovative approach to preserving affordable housing while creating new opportunities for seniors and community in a campus setting.

JJ Henderson Senior Apartments, originally constructed in 1979, underwent a $31.2 million rehabilitation led by CCI and Florian Companies. This project, completed on time and within budget despite the challenges of historic construction cost increases, transformed the nine-story building into a modern, energy-efficient community for seniors and disabled residents. Upgrades included HVAC systems, energy-efficient appliances, interior air quality improvements, a new roof, and extensive interior renovations. The project was supported by a $2.9 million loan from the City of Durham and leveraged the federal Rental Assistance Demonstration (RAD) program. It also benefited from low-income housing tax credits allocated by North Carolina Housing Finance Agency which were syndicated by Hunt Capital Partners. These sources ensure the project will benefit from long-term affordability for years to come.

"We are incredibly proud of the work done at JJ Henderson," said Danielle Hastie, CEO of CCI. "This recognition is a testament to the power of collaboration and our commitment to preserving affordable housing for seniors. JJ Henderson is not just a building; it's a community that provides vital services and a safe, welcoming home for Durham's elderly and disabled residents."

The award also highlighted the creation of The Joyce, an 80-unit apartment complex built adjacent to JJ Henderson. The Joyce serves seniors aged 62 and older and was designed to seamlessly blend with the surrounding downtown area while offering modern amenities and various income-based rental options. This development was also supported by the RAD program and funding from the City of Durham.

In addition to the residential components, the campus now includes the Durham Bulls Miracle League Field, a unique facility designed for children and adults with special needs. The campus also connects to the American Tobacco Trail, enhancing the connectivity to downtown Durham and quality of life for residents.

The revitalization of the JJ Henderson campus are integral components of the DHA's Downtown and Neighborhood Plan (DDNP), which aims to preserve and create over 2,500 mixed-income units across Durham. This campus serves as a shining example of how affordable housing can be preserved and enhanced to meet the needs of today's residents while contributing to the vibrancy of the broader community.

Watch the award announcement video here.

DICKINSON, ND – August 22, 2024 – Pleasant Valley Apartments, owned and managed by CCI, hosted a special event to celebrate its award of $3,680,000 from the U.S. Department of Housing and Urban Development’s (HUD) Green and Resilient Retrofit Program (GRRP). The event also commemorated the 50th anniversary of HUD’s Multifamily Housing Program, which has played a critical role in supporting affordable housing across the United States.

The event featured a check presentation ceremony, marking the $3.68 million in funding awarded to Pleasant Valley Apartments to enhance the property’s energy efficiency and climate resilience. The funding will be used to implement a range of upgrades designed to reduce utility costs for residents, particularly during Dickinson’s harsh winters, and to provide reliable energy backup in the event of a power outage. These improvements are part of a broader effort to create a more sustainable and resilient living environment for the residents.

"We were honored to host this event at Pleasant Valley Apartments," said James Crowder, Executive Vice President of Acquisitions and Asset Management at CCI. "This funding represents a significant investment in the well-being of our residents and the sustainability of our community. We were also proud to celebrate HUD’s 50 years of leadership in supporting multifamily housing, which has made a profound impact on communities across the country."

The event provided an opportunity for attendees to learn more about the planned improvements at Pleasant Valley Apartments and the importance of the GRRP in advancing energy efficiency and climate resilience in HUD-assisted properties. It also served as a platform to recognize the ongoing contributions of HUD’s Multifamily Housing Program in ensuring safe, affordable housing for families.

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OXNARD, CA – July 24, 2024 – CCI is proud to announce the successful final approval of the Santiago Industrial Suites project from the City of Oxnard. The project is set to address the increasing demand for industrial space, providing a variety of unit sizes and functionalities tailored to meet the needs of diverse business activities.

Located on a 4.16-acre site, the Santiago Industrial Suites features two modern buildings with a total of 74,233 rentable square feet. This innovative development will host 24 industrial condominiums, offering rare unit sizes under 5,000 square feet, which can be combined to suit specific business requirements. Each unit includes open space, an office, and a roll-up garage door, ensuring both functionality and convenience.

The City of Oxnard's unanimous approval of the final subdivision map for the project allows for the subdivision of the site into 25 lots, enabling the sale of individual units. This significant development includes ample parking, bicycle spots, and a pedestrian walkway, enhancing accessibility and sustainability within the business park.

"We are incredibly excited to bring this project to life and provide much-needed industrial space to the Oxnard community," said Danielle Hastie, CEO of CCI. "The high demand for these units, evidenced by half of the units being leased or sold prior to final approvals, underscores the necessity of such developments in our area."

With only 3 units remaining for sale and 9 units available for lease, the Santiago Industrial Suites project has already garnered significant interest. This development not only offers prime industrial space but also contributes to the economic growth and revitalization of a previously vacant lot in Oxnard.

Low-Income Apartment Community Rebuilt After Total Destruction

N. Sioux City, S.D. – California Commercial Investment Group (CCI) is excited to celebrate the ribbon cutting ceremony for Northport Senior Apartments (Northport) in North Sioux City, South Dakota after it was destroyed in a devastating fire several years ago.

CCI, along with community leaders, residents and other stakeholders marked the successful reconstruction of Northport, an age-restricted, 62 and older HUD Project-Based Section 8 Property on Friday, June 14th. The ceremony took place in the newly completed community room.

On August 10, 2020, a lightning strike caused a fire that burned Northport to the ground.

Although all the previous residents were safely evacuated, the destruction of this low-income community was devastating for the residents, many of whom relied on the affiliated subsidy to remain housed.

Located at 749 Streeter Drive, Northport’s 21 units were originally built in 2002 using HUD’s Section 202 Program, which was designed to construct housing to support very low-income elderly persons. Although the building was insured, due to rising construction costs, the insurance proceeds for Northport were not sufficient to rebuild.

CCI worked with the US Department of Housing and Urban Development (HUD) to utilize their Rental Assistance Demonstration (RAD) program along with the South Dakota Housing Development Authority (SDHDA) and WNC to leverage the Federal Low Income Housing Tax Credit (LIHTC) to reconstruct.

“The successful redevelopment of Northport Senior Apartments is a testament to the public/private partnership that the LIHTC program promotes,” said Danielle Hastie, CEO of CCI. “Being able to leverage private resources for a public cause such as low-income housing highlights what is possible when we are able to leverage our resources for the collective good.”

Jessica Captanis, WNC Vice President of Originations ads, "WNC congratulates CCI on the successful rebuild of Northport. We are proud to partner with CCI and appreciate the trust and collaboration that ensures the local community is positively impacted."

North Sioux City also contributed to the successful LIHTC application by committing $10,000 to benefit residents. The City’s money was used to purchase outdoor furniture and seating areas which otherwise would not have been possible. Andrew Nilges, Executive Director of the North Sioux City Economic Development Corp. says, “The City of North Sioux City congratulates CCI on the grand re-opening of the Northport Apartments in North Sioux City. The city is proud to have partnered with CCI to ensure senior living availability in our community and is grateful for CCI’s commitment to our community and its residents.”

The new building features amenities such as a garden-style layout, a community room with kitchen, a library, and a covered picnic area, ensuring comfort and convenience for residents.

After a devastating loss caused by natural disaster, CCI is proud to have facilitated the successful reconstruction of Northport with its local, state, federal and private partners, thereby preserving low-income housing for the elderly community of North Sioux City.

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Downtown Durham Luxury Town Home Makes Significant Impact - Parade of Homes 2023

The Terraces at Morehead Hill –Model home at 745 Willard St. Wins Bronze Medal in Durham, Orange & Chatham Parade of Homes 2023

DURHAM, NC – 11/9/23 – The Florian Companies (“Florian”) and California Commercial Investment Group, Inc. (“CCI”) are thrilled to announce that our luxury Promenade town home at 745 Willard St. has been awarded a Bronze Medal in the Durham, Orange & Chatham Home Builders Association (HBA) Parade of Homes 2023. This recognition highlights our commitment to maximizing the relationship between natural surroundings and urban walkability with cutting edge design, functionality, and comfort.

The Parade of Homes is an eagerly anticipated annual event that brings together individuals who share a deep passion for real estate, design, and community. This is the first entry into the Parade of homes by Florian and CCI, who are both excited to participate in this event to showcase our exceptional luxury town homes located in the heart of downtown Durham.

"We are incredibly honored to receive the Bronze Medal in the Durham, Orange & Chatham HBA Parade of Homes. This recognition reflects our dedication to providing the highest quality in real estate, design, and innovation," said Justin Florian, Project Manager at The Florian Companies.

Phase I and II of the Terraces is 93% sold out with only one Veranda unit remaining for sale. The last of its kind, the Veranda unit includes a sprawling roof deck and unparalleled views of downtown Durham. The first half of the final phase of construction (Phase III) is scheduled to be available for occupancy by the beginning of next year.

In a supply constrained market such as Durham, luxury housing in proximity to the city center with the level of amenities and the walkability that the Terraces offer are increasingly difficult to find. Welcoming over 250 visitors over the three weekends that made up the Parade of Homes, the volume of visits and positive feedback demonstrate the community’s excitement for this product as the Morehead Hills area of Durham is recognized as one of the premier locations in the Durham-Raleigh area.

Danielle Hastie, CEO of CCI explains, “The development of this property is an excellent example of an adaptive reuse of land that was underdeveloped in this neighborhood. We are proud to work with the Florian Team to provide the City of Durham with a variety of housing resources such as the luxury townhomes presented at the Terraces.”

Renovated Property Revitalizes Affordable Housing for Low-Income Seniors

DURHAM, N.C. – California Commercial Investment Group (CCI), along with Durham Housing Authority (DHA) and the Florian Companies (Florian) is proud to announce the Grand Re-Opening of JJ Henderson Senior Apartments in Durham, North Carolina. The $31.2 million project was completed on time and on budget despite the challenges of historic construction cost increases and an occupied building.

On Friday, October 28 at 10 a.m., DHA, CCI and Florian, along with elected officials, community leaders and other stakeholders will celebrate the completed renovation and Grand Re-Opening of JJ Henderson, an age-restricted, 62-and-older HUD Project-Based Section 8 Property. The ceremony will take place in the newly renovated ground floor lobby.

“The completion of work at JJ Henderson is an incredible milestone for the community as we strive to bridge the gap of available affordable housing in Durham,” said DHA CEO Anthony Scott. “It is the culmination of goals under the Durham Housing Authority Downtown Housing Neighborhood Plan and the support of Durham through the Affordable Housing Bond Program. It embodies the best of public- private partnerships represented by the collaboration of the US Department of Housing & Urban Development, City of Durham, our private development partners, North Carolina Housing Finance Agency, and a host of other critical participants. This is the model we desire to duplicate as we continue our mission as a catalyst for affordable housing for all in Durham.”

Located at 807 S. Duke Street and built in 1979, JJ Henderson Senior Apartments consists of 177 units designated for seniors or disabled community members. As federal funding for public housing continues to wane, DHA utilized the Rental Assistance Demonstration program (RAD) as a tool to improve its affordable housing through public private partnership that enabled the financial and physical repositioning of JJ Henderson, a legacy affordable housing tower in the heart of Durham. The renovation work included HVAC upgrades, energy efficient appliances, improvements to interior air quality, a new roof, interior unit renovations and building system upgrades.

The City of Durham provided a $2.9 million loan to the JJ Henderson project through the City’s Dedicated Affordable Housing Fund. The development team also leveraged the federal low-income housing tax credit and HUD-insured debt to bring this renovation to reality.

“From the passing of the affordable housing bond in 2019 to the first meeting of the Affordable Housing Implementation Committee in 2021, and now to the completed renovation of the JJ Henderson apartments, we’re seeing the mission of the Forever Home, Durham initiative fulfilled,” said Reginald Johnson, Director, City of Durham Community Development. “This is the beginning of a long-term transformation in downtown Durham that will dramatically improve the quality of life for low-income seniors and others in need, including those in housing transition.”

CCI and Florian led the JJ Henderson rehabilitation initiative. With a presence in over 25 states and more than 7,000 units under management, CCI is a national housing preservation, management and development firm that specializes in preserving affordable senior communities. Florian provides local development and design expertise as well as construction management services.

“The successful redevelopment of JJ Henderson is a testament to the public/private partnership that the LIHTC program promotes,” said Garry Collett, Co-President of CCI. “Being able to leverage private resources for a public cause in a community such as Durham, so that elderly residents can afford to live in the place they love, has been an especially rewarding experience. We are grateful to DHA, the City of Durham, HUD and all of our other partners for their support in getting this project to completion.”

Ojai’s first new residential development in 10 years leads the way with innovative work-live housing

California Commercial Investment Group, Inc. (CCI), a California-based national housing management and development firm and Raven Ridge Development (Raven Ridge), a Los Angeles based development firm, are proud to announce the grand opening of Craftsman Village in Ojai, CA. Local stakeholders and business leaders will join developers on Friday, November 15th at 12:30 PM in a ribbon-cutting ceremony for the new luxury, mixed-use development in Ojai.

Located at 611 Pearl Street, Ojai, CA, in the heart of downtown Ojai, Craftsman Village represents an advanced luxury housing opportunity in an area with extremely limited rental options. Live work space is an up-and-coming trend designed to improve work/life balance, increase productivity by decreasing distractions, recapture time spent commuting and eliminating the stress of freeway traffic. This unique design incorporates living spaces on the upper level and work spaces at the lower level such that there is a defined home and work space giving the term home office a new meaning. Furthermore, its proximity to the many shops, restaurants and public spaces available to Ojai residents makes it an ideal place for the unique live-work concept that includes infill development and community-based living.

“It was important to us to retain the small-town personality that Ojai embodies while offering its residents the ability to work in the place they live,” said Garry Collett, principal of CCI.

Craftsman Village is an 8-unit mixed-use development consisting of 5 large live-work apartment units, two commercial/retail units and one residential unit. Units include great rooms, high grade kitchen appliances, two car enclosed garages, and a community barbeque area for gatherings. It is the only residential new construction project built in Ojai over the last decade.

The ribbon cutting will occur at 12:30 pm on November 15, 2019 at 611 Pearl Street, Ojai, CA 93023.

Renovated Complex Brings Affordable Housing for Southern California Low Income Seniors

California Commercial Investment Group, Inc. (CCI), a California-based national affordable housing preservation and development firm, is proud to announce 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.

An important part of Los Angeles’ affordable portfolio since approximately 1972, Fickett Towers was in danger of conversion to a market rate apartment complex, which would have resulted in hundreds of elderly residents losing their homes. The affordability covenants governing the apartment complex were set to expire along with the HAP contract providing rental subsidy to the elderly residents. The property was purchased in 2012 and then refinanced using a tax exempt bond 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.

In conjunction with the bond/LIHTC programs, the building was the beneficiary of a renovation including interior unit upgrades to kitchens, bathrooms and flooring; common area upgrades to the lobby, roof and plumbing; and safety upgrades to the fire panel and emergency call system. Also, with the help of the LADWP and Energy Upgrade California, the building benefited from a myriad of energy upgrades inclusive of a new chiller and unit refrigerators, water heaters, showers heads and lighting which resulted in a 10% reduction in overall energy usage. The property also benefited from a seismic upgrade to meet HUD’s more stringent guidelines. The seismic upgrades at this property are particularly significant due to the damage it had sustained during the 1994 Northridge earthquake. Finally, the property was awarded a grant allowing for two full-time service coordinators to help residents age in place.

In today’s tight budgetary climate, rehabilitation of this vintage property was completed through tax credit equity, owner input and a new loan; no other public funding sources were used. Lou Mellman, President of CCI, explains, “The success of Fickett Towers is a testament to the public/private partnership that the LIHTC program promotes; being able to leverage private resources for a public cause so that elderly residents can afford to live in the place they love has been an especially rewarding experience. We like to call it conscious capitalism.”

This project could not have happened without the help of The California Tax Credit Allocation Committee, The California Debit Limit Allocation Committee, Los Angeles Housing Department, Citibank, The U.S. Department of Housing and Urban Development, The City of Los Angeles, the LADWP and Congressman Tony Cardenas.

The ceremony will take place Tuesday October 28th from 2-4pm at the site outside on the garden patio and in the newly refurbished community lobby area. The 200 unit complex is located at 14801 Sherman Way, Van Nuys California.