The Department of Housing (DOH) will restructure an existing $4,250,000 City HOME loan for Warren Ashland, LP, owner of Warren Apartments.

The proposed restructuring will remove Enterprise Community Partners, Inc. —which controls ownership in Warren Ashland LP—from that of 1527 W Warren Blvd and allow the Preservation of Affordable Housing (POAH) to take ownership of Warren Apartments.

It will not otherwise alter the principal, interest rate, lien position, or maturity date of the City HOME loan or any affordability restrictions at that location.

Warren Apartments is a mixed-income multi-family property at 1527 W Warren with 75 studio, one-bedroom, and two-bedroom units. 60 units are income-restricted at 30%, 50%, or 60% of the Area Median Income (AMI).

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