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LOS ANGELES-Advanced Development and Investment Inc. of Los Angeles has secured $14.9 million in equity from CharterMac to finance the developer’s $25 million affordable housing project in Chinatown. The ADI development, called Yale Terrace Apartments, will create a 55-unit complex in a market where renters represent 87% of all households and the rising prices of for-sale housing render home-buying a near-impossibility for many renters.

CharterMac cites market data indicating that the area expected to continue to gain renter households annually through 2010. It says the new project is designed to meet the need for housing where existing affordable rental properties are virtually 100% occupied and there is a lack of larger rental units to accommodate the above-average size households in Chinatown.

Yale Terrace Apartments will feature apartments that can accommodate families of up to eight people, “filling a niche in Chinatown’s market of many large, extended families,” says Ronne Thielen, EVP of Related Capital Co., a CharterMac subsidiary that provided equity for the development. Related provided the more than $14.9 million in equity in return for tax credits that will be generated by the complex.

Additional funds were provided by the Los Angeles Housing department and the Community Redevelopment Agency of the City of Los Angeles. Salim Karimi, president of Advanced Development and Investment, notes that the complex will aim to help improve the quality of residents’ lives through a scope of free social services.

The Yale Terrace development site is in the 700 block of North Yale Street, less than a mile north of downtown Los Angeles between Dodger Stadium and the Los Angeles Civic Center. The new complex will consist of one four-story building of three-and four- bedroom apartments ranging from 1,100 sfto 1,460 sf.

All of the units will be targeted toward tenants earning 60% or less of the area median income. Monthly rents are expected to start at $460 and construction should be complete by late 2007.

The apartment units will feature a host of modern amenities and appliances, with common amenities at the complex to include meeting rooms, a barbecue and picnic area, a computer room, a community room, a playground and subterranean parking spaces.

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