Rolland Curtis Gardens

Investment

  • NMTC Amount: $6,240,000
  • Total Project Cost: $75,181,919

IMPACT

  • 63 FTE jobs
  • 50 construction jobs
  • 173,344 sq. ft. of real estate

Investor

Project Description

Rolland Curtis Gardens opened in the Spring of 2019 in the Exposition Park neighborhood of Los Angeles. The mixed-use development features 140 residential units and 8,000 sq. ft. of commercial space that houses a community health clinic and a locally owned market and cafe. Abode Communities, an affordable housing developer, developed the project in collaboration with T.R.U.S.T. South Los Angeles, a community land trust. The complex is a transit-oriented development (TOD) conveniently located approximately 100 feet from the Expo/Vermont Los Angeles Metro station.

Surrounding Rolland Curtis Gardens is the renowned Exposition Park, home of cultural and community institutions such as the California African American Museum and the Los Angeles Memorial Coliseum, a host site for the 1932 and 1984 Olympic Games. Rolland Curtis Gardens was designed to meet the needs of multicultural, working-class households and small businesses. The development offers 138 affordable housing units consisting of 12 one-bedroom, 81 two-bedroom, and 45 three-bedroom apartments. Two additional units are reserved for onsite managers. The development is affordable for families earning between 30 percent and 60 percent of the area median income, with monthly rents ranging from $633 to $1,757.

Building amenities include a playground, a community garden, a barbecue area, and a resident services center.

Abode Communities and T.R.U.S.T. South LA purchased Rolland Curtis Gardens in July 2012 for $8.33 million, removing the property from Los Angeles competitive real estate market. They decided to renovate the property, relying on input from community members about what features and amenities they wanted in their neighborhood. In several charrette sessions, participants identified a need to create training and wealth building opportunities in addition to economic opportunities for community members.

Residents also indicated that health care was a top priority, so the developers responded by adding a Federally Qualified Health Center and a locally owned market with a cafe to Rolland Curtis Gardens.

Financing for the project included both 9 percent and 4 percent low-income housing tax credits, construction and permanent loans in partnership with Wells Fargo, deferred developer fees, capital contributions, and funding from the California State Department of Housing and Community Development’s Affordable Housing and Sustainable Communities program, the Infill Infrastructure Grant Program, and the Multifamily Housing Program. The commercial development was financed through a combination of private capital grants, a community development block grant issued by the City of Los Angeles Housing and Community Investment Department, and New Markets Tax Credits that Opportunity Fund awarded to investor U.S. Bank. In total, Rolland Curtis Gardens brought $81.6 million in local economic investment to Exposition Park.

MAP

Address: 1060 West Exposition Boulevard, Los Angeles, CA 90015

Census Tract: 6037231220

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