Located in the heart of Glendale, Cypress Senior Apartments, originally constructed in the 1920’s, consisted of the acquisition, remodel and conversion of an existing two story 18-unit market rate apartment building into an affordable senior rental project. Six of the units are Veteran preferred. Nine percent Rehabilitation Low Income Housing Tax Credits (“LIHTC”) and 4% Acquisition LIHTC’s were utilized to finance the project. Property amenities include a community area with resident computers for internet and printing access, a community garden, and on-site resident services. Cypress Senior Apartments is located in an area with immediate access to public transportation, dining, and entertainment options. The Glendale Housing Authority supported the project by providing $1,447,523 in HOME funds for the rehabilitation in addition to providing a below market permanent loan which eliminated the need for conventional permanent financing.
311 E. Cypress Street