Affordable housing developer seeks city loan for 36-unit Silver Lake project *

Photo from Google Maps

The two story-brick apartment building on Vendome Street near Sunset Boulevard in Silver Lake has been vacant and boarded up for several years.  But under a plan proposed by A Community of Friends, a nonprofit housing developer, the 1926 complex – across the street from Los Globos nightclub – will be reborn as the Vendome Palms Apartments, a 36-unit project catering to homeless and mentally ill residents.  Plans include services and case managers to assist the tenants, who will be housed primarily in studio apartments. The developer, however, needs to obtain an approximately $6.2 million loan from the city to renovate the building, a project that will cost more than $10 million to complete. Today, the City Council’s Housing, Community & Economic Development committee, will review a request by the city’s Housing Department to  issue about $6.2 million in tax-exempt municipal bonds to support the development. The Vendome Palms won the support of the city’s Housing Department back in 2008 but A Community of Friends  had difficulty winning federal financial commitments to complete the project, according to a housing department staff report. The developer is facing an August 25 deadline to have the city issue the bonds.

* Update: The committee voted to support issuing the bonds. The proposal is scheduled to be reviewed and voted upon by the full City Council on Friday.

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