Breaking: Affordable Housing Developer Files Bankruptcy
Tuesday, April 15, 2008, by jwilliams
We're getting word through the good old reliable Curbed Wire Inbox that Livable Places, developer of the Olive Court affordable housing project and the much discussed Fuller Lofts, has filed for bankruptcy today. This would confirm rumors we have been hearing for the past week that deep, deep trouble was brewing. More details when we get them... UPDATE: We have the email announcing the shuttering of Livable Places. We're also hearing assets are going to be getting liquidated. We have a feeling Fuller Lofts is going to be empty for a very, very long time.
Colleagues -
It is with great sadness that I am writing to let you know that Livable Places is closing. Seven years ago, our board of directors set ambitious goals for a new nonprofit organization to advocate for land use policy reform, and to develop affordable housing that demonstrated the feasibility of smart growth. Since then, Livable Places has worked on multiple policy issues and initiated two developments offering 160 homes and leveraging $60 million as we strived to build for-sale housing affordable to working people with minimal subsidy.
We began construction as speculation and frenzied demand drove up construction costs, and we started marketing homes as the turmoil in financial and real estate markets began. The credit crisis raised the requirements for buyers that we targeted, and the glut of higher priced housing lowered demand for new homes overall. The impact on the Southern California economy has been dire, and for Livable Places, the economic downturn has proved fatal.
Nonetheless, our board and staff are extremely proud of the work that Livable Places has accomplished since opening our office in 2001. Our dedicated policy staff has advocated for and won significant victories, engaged the residents of under-served communities to participate in the planning decisions affecting their communities, and conducted significant research that draws the connections among land use, transit, housing, public health, and the environment.
We are hopeful that our policy work will live on. Our board of directors is considering forming a new organization that would focus on advancing urban livability policies. We’ll keep you informed of developments regarding the new organization.
Livable Places office is closing at the end of business today – Tuesday April 15th. [personal info redacted]
Looking forward to continuing to work with you all to make Los Angeles more livable, more sustainable, and more vibrant.
Joe Linton
Policy Associate
Livable Places
634 S. Spring Street, Ste. 727, Los Angeles CA 90014
T 213.622.5980 x24 F 213.622.3458 www.livableplaces.org
Filed under , Affordable Housing Developer, Bankruptcy, Fuller Lofts, Ghost Tower, Lincoln Heights, Livable Places, Olive Court
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