Rehabilitation, expansion planned for affordable housing complex at 13200 Bromont Avenue in Sylmar

Plans to renovate and expand an affordable housing complex in Sylmar will move forward after securing more than $52 million in tax credit financing, Hunt Capital Partners has announced.

The project, which also includes partners Alliance Property Group and Community Bible Community Development Corporation, will go toward the rehabilitation of Valley Pride Village, located at 13200 Bromont Avenue. Plans call for preserving 88 existing homes while adding 92 new apartments to the property.

The property, which caters to seniors, is being developed with density bonus incentives and streamlined permitting through the Mayor's Executive Directive 1.

Rendering of new constructionHunt Capital Partners

“Many seniors live on fixed incomes and seniors across the country are increasingly finding it difficult to find and maintain an affordable place to call home, especially here in Los Angeles," said Hunt Capital Partners chief operating officer Amy Dickerson in a news release. "Valley Pride Village ensures that 180 senior Angeleno households will have access to quality housing where they can age with a little more peace of mind.”

The apartments include a mix of studio, one-, and two-bedroom dwellings reserved for households earning between 30 and 80 percent of the area median income level. Existing apartments are to receive upgrades including new cabinets, countertops, fixtures, and heating systems, as well as the installation of LED lighting and new appliances.

Funding for the project includes $62.2 million in tax-exempt construction financing supplied by the California Housing Finance Authority and the Housing Authority of the City of Los Angeles, $24.4 million in permanent f9inancing, and $4 million in soft financing from Community Bible Community Development Corporation through the Mixed Income Program.

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