740 S. Olive

740 South Olive Street Apartment is a 12 story, 309 unit property, with first floor commercial spaces, originally built in the 1920’s. The property, located in the heart of Downtown Los Angeles, was converted from a commercial office building to a senior housing complex in 1979.   The property still caters specifically to senior and handicapped residents, with 100% of the units assisted under a Section 8 contract.  

In September 2008, Related California (the Sponsor) acquired 740 South Olive and began a substantial rehabilitation of the property, using $52.45 million of tax-exempt bond financing, credit enhanced by FHA 221d4 mortgage insurance and $15.4 million of Low Income Housing Tax Credit (LIHTC) equity.  In January 2009 the Project was awarded a new 20 year marked-to-market Section 8 HAP contract.  Major rehabilitation activities included building interior/exterior and building system repairs, energy efficiency improvements, and common area amenity and individual unit upgrades.

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