740 S Olive St, Los Angeles, CA 90014
Waiting List Forecast: Likely Long or Closed for Rent Assisted units, and Likely Short or None for other affordable units
Verified for 2023 by Lorena Bentley| Rent | Beds | Baths | SqFt |
|---|---|---|---|
| Call for Rents† | Floorplan Info Upon Request | - | - |
Since this property is a LIHTC property that may have rental assistance for some or all units, there might be seperate or split waiting lists for rental assistance and non-rental assistance units. In this case, the rental assistance waiting list can be much longer than properties without rental assistance. The non-rental assistance units waiting list is likely much shorter or it may not have a waiting list at all. You should contact the property to verify.
Note: Affordable Housing Online has not confirmed the waiting list status directly with the property. This waiting list status forecast is based on our housing experts' knowledge of similar properties. You should always confirm this status directly with the property.
740 South Olive Street Apartment is a 12 story, 309 unit property, with first floor commercial spaces, originally built in the 1920's. The property, located in the heart of Downtown Los Angeles, was converted from a commercial office building to a senior housing complex in 1979. The property still caters specifically to senior and handicapped residents, with 100% of the units assisted under a Section 8 contract.
In September 2008, Related California (the Sponsor) acquired 740 South Olive and began a substantial rehabilitation of the property, using $52.45 million of tax-exempt bond financing, credit enhanced by FHA 221d4 mortgage insurance and $15.4 million of Low Income Housing Tax Credit (LIHTC) equity. In January 2009 the Project was awarded a new 20 year marked-to-market Section 8 HAP contract. Major rehabilitation activities included building interior/exterior and building system repairs, energy efficiency improvements, and common area amenity and individual unit upgrades.
This LIHTC property is among the most common types of affordable rental housing in the United States. The LIHTC program only provides subsidies to the building’s owner at construction. The LIHTC program doesn't provide direct subsidies to the residents, but the owner must set rents affordable to low-income renters in the area. This property does participate in the Section 8 Project-Based Rental Assistance program and your rent would be subsidized and based on your income. You would not pay more than 30% of your income for rent. To qualify, you must earn 50% or less of the Area Median Income (AMI), which you can find on this page’s income chart. LIHTC properties tend to have shorter waiting lists however, since 740 S Olive Street Apartments has a project-based subsidy, the waiting list is likely much longer than other local LIHTC properties. LIHTC properties nationwide are required to accept housing vouchers however, since this property has a Section 8 Project-Based Rental Assistance contract, your Section 8 voucher can not be used here. LIHTC properties were first built in the late 1980's and the LIHTC program funds the renovation of older properties. Because they tend to be newer or renovated, these properties are more likely to have larger units, more amenities, and greater tenant service offerings than other affordable housing programs. This property might be right for you if you need help paying your rent and are willing to wait for a longer waiting list.
~ Dave Layfield, Founder of Affordable Housing Online
| AMI* | 1 person | 2 people | 3 people | 4 people | 5 people | 6 people | 7 people | 8 people |
|---|---|---|---|---|---|---|---|---|
| 30% AMI for PBRA Units | $26,500 / year | $30,300 / year | $34,100 / year | $37,850 / year | $40,900 / year | $43,950 / year | $46,950 / year | $50,560 / year |
| 50% AMI for LIHTC Units | $44,150 / year | $50,450 / year | $56,750 / year | $63,050 / year | $68,100 / year | $73,150 / year | $78,200 / year | $83,250 / year |
| 50% AMI for PBRA Units | $44,150 / year | $50,450 / year | $56,750 / year | $63,050 / year | $68,100 / year | $73,150 / year | $78,200 / year | $83,250 / year |
| 60% AMI for LIHTC Units | $52,980 / year | $60,540 / year | $68,100 / year | $75,660 / year | $81,720 / year | $87,780 / year | $93,840 / year | $99,900 / year |
| 80% AMI for PBRA Units | $70,650 / year | $80,750 / year | $90,850 / year | $100,900 / year | $109,000 / year | $117,050 / year | $125,150 / year | $133,200 / year |
*AMI: Area Median Income. Renters qualify for different housing programs if their income is below a specified percentage of AMI.
Does 740 S Olive Street Apartments have a waiting list?
740 S Olive Street Apartments probably has a waiting list. Since our research has shown there is a project-based rental assistance associated with this property, the waiting list would be for the rent-assisted units. We haven't confirmed if this is the case, so you should contact the property to confirm.
Are rents subsidized at 740 S Olive Street Apartments?
We believe rents are most likely subsidized at all or some of the units since our research has turned up at least one public housing or rental assistance contract probably associated with this property.
What property management company manges 740 S Olive Street Apartments?
740 S Olive Street Apartments is managed by Related Companies headquartered in Irvine, California.
In addition to 740 S Olive Street Apartments, how many other affordable housing properties (and units) are there in Los Angeles?
In addition to 740 S Olive Street Apartments, we list 1055 other affordable properties in Los Angeles. Learn about these properties here. Our data research shows that there are a total of 70531 affordable units in Los Angeles.
When was the 740 S Olive Street Apartments listing last updated?
740 S Olive Street Apartments listing on Affordable Housing Online was last updated on 01/03/2023 by Lorena Bentley. Remember, a property's status can change so you should contact the property to confirm.
Looking for housing as soon as possible?
Applying for waiting lists with no preferences may help shorten the wait for available housing.Geri Ridley says:
"Affordable Housing Online helps renters who need help and don't know where to start."