Bond financing · approved January 26, 2021
Pasadena Hope Center: 65 supportive housing studios plus a manager's unit
LA County · LA County Development Authority (bond issuer)
What it pays for and how it works
On January 26, 2021, the Board approved the Los Angeles County Development Authority (LACDA) issuing up to $21,000,000 in multifamily housing revenue bonds for Pasadena Hope Center. The project is at 1000 East Walnut Street, Pasadena. It has 65 permanent supportive housing studios and one two-bedroom manager's unit. The borrower is Salvation Army Pasadena Hope Center, L.P.
The bonds are a financing tool. LACDA issues tax-exempt bonds and lends the proceeds to the developer, which repays them from the project. The County did not appropriate $21,000,000 of its own money in this action. Item 2-D also authorized an application to the California Debt Limit Allocation Committee for up to $21,000,000 in private activity bond authority, and designated the LACDA Executive Director to act for the County on an agreement with the City of Pasadena. Item 37-D certified the County's review of Pasadena's CEQA exemption. Both items passed 5-0 on a motion by Supervisor Barger.
A State tax credit staff report dated April 28, 2021 lists a total development cost of $38,328,364 and $1,708,098 in annual federal tax credits. It reserves 55 units at 30% of area median income and 10 at 35%, for 55 years. HUD project-based vouchers support 49 units and VASH veteran vouchers support 16. A County Homeless Initiative article from October 2021 says the Board later approved $18.7 million in bonds, and the County also provided nearly $4.5 million through its Notice of Funding Availability and $350,000 in Fifth District funds. The article set groundbreaking for October 12, 2021, with about 14 months of construction. The site includes a 9,000-square-foot social services center.
Where the money comes from
The money comes from tax-exempt multifamily housing revenue bonds issued by LACDA under a private activity bond allocation from the California Debt Limit Allocation Committee. The January 2021 action authorized up to $21,000,000. A County article from October 2021 reports a later Board approval of $18.7 million in bonds. The bonds are repaid by the project borrower.
Records
- The official record with this amount
- Pasadena Hope Center Apartments County of Los Angeles, Homeless Initiative · official record
- TCAC staff report, Pasadena Hope Center Apartments, CA-21-495 California Tax Credit Allocation Committee · official record
Approved amounts are the most that can be spent, not money already paid. Payments show up later in the City's Checkbook L.A. or the County's expenditure data.
Approved the same day
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