The Los Angeles Housing Department (LAHD) received authorization to amend and restate the loan agreement with 5169 Hollywood Boulevard Limited Partnership for the Kingswood Apartments. This amendment extends the loan maturity to 2079 to co-terminate with the State of California Housing and Community Development (HCD) loan documents and modifies the loan's terms, including reducing the interest rate to 3% simple interest. The project involves substantial rehabilitation funded by the HCD Portfolio Reinvestment Program and does not require additional City funding. Planned renovations include upgrades to individual units and building systems, with temporary relocation for current residents during construction. No permanent displacement is expected.
Extending the loan and affordability terms ensures long-term housing stability for low-income residents, preserving affordability and improving living conditions. This aligns with city goals for sustainable affordable housing without additional City funding commitments.