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Property Description:: LOMCO managed Huntington Gardens for 30 years before purchasing it from the nonprofit Wycliffe Associates. In 2009 when markets both for debt and equity had almost stopped trading for affordable housing, LOMCO went to its oldest stakeholder HUD and borrowed $23,000,000 and funded the balance of the acquisition with its own equity; opting not to use tax credit equity or bonds. Upon closing LOMCO was required to invest an additional $500,000 into new systems for elevators, HVAC and new exterior paint. The inside of the building remained dated with a 1980’s look and so LOMCO in 2012 invested $1,500,000 into modernizing the property and creating a new office for the full time Resident Service Coordinator. The property has received a great deal of accolades for its hospitality interior which features a 240 gallon salt water fish tank which the residents love to visit. A new exercise room was also modernized for the residents using a rubber based floor and the computer room and library was substantially upgraded.
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