PRESERVATION STRATEGY

In the nearly 30 years since the creation of the Century Freeway Housing Program, many of the 3,000 units created in the early 1990s need significant reinvestment and recapitalization. Initial review of AEDC’s existing portfolio and comparable properties in the Hyde Park/Crenshaw Corridor do not account for the full value of Federal, State and Local rental subsidies. 

In addition, upcoming expiration of affordability covenants and restrictions creates a heightened since of urgency to preserve these deeply affordable housing units serving vulnerable seniors and families. 

Proposed unit and building improvements include but are not limited to the following: install efficient a/c and heating systems, electrical rewiring, paint, roofing and gutters, signage, plumbing fixtures and plumbing pipes, flooring new kitchen cabinets and ENERGY STAR® appliances, new low-flow and efficient bathroom fixtures, new closet shelving, new luxury vinyl plank floor finishes, new energy efficient LED lighting, Renewable energy enhancements including PV panel and batteries, and refinished walls and ceilings. Security and ADA compliance.

AEDC has committed to facilitating capacity-building and/or business plans that allows AEDC to assume management and control of its project communities. As the leader of a blended team of property management staff, AEDC is responsible for creating a collaborative environment in which shared accountability for property and resident outcomes is reflected in the policies and procedures that govern our housing communities. Specific training in policies and procedures will be developed to ensure property management conformity to program requirements and ensure staff becomes knowledgeable through training and ongoing property management provision. A Resident and Stakeholder Engagement Plan coupled with a marketing plan and Affirmative Fair Housing Marketing Plan will include directives for resident and stakeholder engagement on an ongoing basis during operation. During the development and design phase, we hold several stakeholder meetings to communicate strategy and vision and solicit input. These stakeholders include, but are not limited to, residents, local community groups, local contractors, City of Los Angeles, LAHSA, and Housing Authority. We communicate process, design intent, utilization of space, and overall operating strategy upon completion of project, while actively soliciting feedback to incorporate throughout the process. 

A Small and Local Business Partnership, AEDC, has a strong preference to Section 3, minority owned, women owned and emerging businesses. We strive to engage subcontractors and residents that are located in close proximity to the municipalities in which the project is located. We find this has a wide variety of benefits to the project schedule, quality, and budget. Strategic plans used to comply include on the job training, subcontracting provisions, advertising, specific informational meetings, coordination with State & local hiring agencies and Youth-build to name a few. 

Pursuant to City of Los Angeles Executive Directive 1 issued by the Honorable Mayor Karen Bass, AEDC has committed to a Five-Year goal to develop 800 to 1,000 units in 18 to 20 properties to support the need for deeply affordable housing for the City’s most vulnerable. 

With significant real estate and technical assistance expertise, AEDC envisions partnerships that leverage unparalleled regulatory guidance and compress a complex series of real estate transactions into a 6 to 16-month process for each group of assets. Commencing with the development of 305 units of affordable housing in partnership with PATH and PATH Ventures, the proposed execution assumes a simultaneous and non-competitive closing process utilizing public and private equity and HUD 221(d)(4) guaranteed mortgage loans. While not cross collateralizing the Projects, the grouping of assets will provide cost savings, sharing of some soft costs, and a rebalance of equity and other soft sources to right size the final permanent sources and uses. With a Streamlined Solution AEDC’s integrated services solution (development, construction, architecture, and property management) ensures a comprehensive, streamlined solution, and achieves the following deliverables: site plan; project budget/financial proforma; conceptual design plans for rehabilitation; and a detailed development schedule. 

As for Resident Services AEDC will assess the health impacts that aligns with the resident-first model by using quantitative, qualitative, and participatory techniques to determine the appropriate on-site services programing to enable residents to maximize residential stability, develop independent living skills, and promote an interactive and vibrant living community. 

AEDC’s Property Management partner will facilitate the appropriate supportive service necessary to ensure an increase in positive health effects, amplify housing retention/stability and minimize negative health effects for residents. 

Our Neighborhood Planning initiative commits to creating neighborhood connectivity and developing an overall master plan to guide how the development of the surrounding property can be integral to the neighborhood’s broader revitalization.