Golden West Tower
Torrance, California
Completion: 2005

Golden West Tower was an aging, fourteen-story senior housing facility located in earthquake-prone Los Angeles. In need of extensive seismic renovation and other safety repairs, Pacific Housing Advisors set about to generate sufficient funds for the retrofit using tax-exempt bonds and low-income housing tax credits.

In addition to the physical challenge of designing a seismic retrofit on a 33-year-old tower (while occupied), the project faced regulatory challenges from HUD.

Drawing on a team of experts from across the country, Pacific Housing Advisors was able to effectively state its case for the sale of the property, without which the seismic retrofit would not be possible and residents would be at risk in their own homes.

HUD's consent to allow the nonprofit owner to sell the property and retain the sales proceeds was crucial to the project.

The Los Angeles HUD Regional Office, the California Housing Finance Agency and the Richman Group all worked together to create a financial solution for a project that many said couldn't be done.