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Alosta Gardens
Project type
Rehab Preservation
Date
December 2023
Location
Los Angeles, CA
Alosta Gardens
745 E 5th St
Azusa, CA 91702
Los Angeles County
Total Units: 61
Project Type: Acquisition & Rehabilitation / Preservation
Population: Families
Affordability: 30 to 60% Area Median Income
Funding Sources:
• 4% Federal Low Income Housing Tax Credit Equity
• State Tax Credit Equity
• Tax Exempt Bonds
Completion: 2023
Property Manager: https://telacu.com/
Alosta Gardens is a 61-unit garden-style residential community in in the City of Azusa in Los Angeles County, serving families earning between 30% and 60% of Area Median Income. This vital affordable housing community faced potential conversion to market-rate housing before its preservation in 2023. Through new ownership, the property underwent comprehensive renovations while securing a 55-year extension of affordability restrictions.
The preservation of Alosta Gardens represents a significant victory in maintaining affordable housing within Los Angeles County, ensuring long-term stability for residents while enhancing their living environment through property improvements. This effort protects an essential component of Azusa's affordable housing stock, safeguarding homes for current and future residents.
