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Midtown Park Apartments study recommends phased rehab, resident control options and funding plan
Summary
A consultant report to LAFCO recommends rehabilitating Midtown Park Apartments with resident participation, lists ownership transition options (including limited‑equity cooperative), raises a $67.9M ballpark rehab estimate for 140 units and calculates a 20‑year reserve need of about $2.5M per year. Consultants called for on‑site organizing and parallel funding before any ownership transition.
LAFCO on Sept. 20, 2024 heard a detailed consultant update on Midtown Park Apartments, the city's 140‑unit, city‑owned development built in 1964. Consultant Fernando Marti described a resident‑led process that produced community goals—prevent displacement, preserve long‑term affordability, improve accessibility and create resident leadership and potential ownership options.
Marti summarized the property’s history, including a previous limited‑equity cooperative promise and subsequent loss of ownership after developer default. The consultant’s analysis identified deferred maintenance across the six‑building…
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