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Angelus Plaza to Get $44 Million Renovation

By Eric Richardson
Published: Wednesday, January 09, 2008, at 11:14AM
Angelus Plaza Eric Richardson [Flickr]

Opened as two phases in 1980 and 1981, Angelus Plaza's nearly 1100 units make it the largest Section 8 assisted project in the country. Now the development, which provides affordable housing for seniors, is slated to receive its first major work in twenty-five years. Project owner Retirement Housing Fund is proposing $44 million in renovation as part of a financing deal that also includes money for affordable housing in South L.A.

The package put together by CRA and soon to be in front of City Council would authorize $96 million in tax-exempt multi-family senior housing bonds for the project. Bond revenues would be used to fund a series of ownership changes and interest sales. Proceeds from the sale would result in $60 million being deposited with the Angelus Trust, a nonprofit set up in 1985 to fund affordable housing. Named for development in the bond agreement is a pair of sites recently acquired at 50th and Main, in Council District 9.

Renovations to the Angelus Plaza buildings will largely target infrastructure and in-unit amenities. Elevator and heating/cooling systems will be redone, and the units will receive new appliances, redone cabinets and new bathroom fixtures and interiors. A plan for how to relocate tenants during the renovation process has yet to be completed.

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