{"id":10398,"date":"2011-07-15T00:00:00","date_gmt":"2011-07-15T07:00:00","guid":{"rendered":"https:\/\/ftllp.net\/?p=10398"},"modified":"2024-11-04T12:36:48","modified_gmt":"2024-11-04T20:36:48","slug":"daily-journal-settlement-assures-low-rents","status":"publish","type":"post","link":"https:\/\/dev.creativespikedigital.com\/lftc\/news\/real-estate\/daily-journal-settlement-assures-low-rents\/","title":{"rendered":"Daily Journal: Settlement assures low rents"},"content":{"rendered":"\n<p>Hundreds of families living in one of West Los Angeles&#8217; last affordable housing complexes will get to hang on to their low-rent privileges under a lawsuit settlement announced Thursday.<\/p>\n\n\n\n<p>The agreement, reached by residents of the Holiday Venice apartment complex and affordable housing advocates with the defendants &#8211; both the U.S. Department of Housing and Urban Development and the complex&#8217;s owners &#8211; capped a two-year-old dispute in which the families contended they were at risk of being hit with a 70 percent<br>rent hike.<\/p>\n\n\n\n<p>The lawsuit alleged that by letting the owners pay off their HUD-backed loans early, the federal agency stripped the apartments of certain low-rent protections guaranteed for the period the loans were outstanding.<\/p>\n\n\n\n<p>The settlement, reached Friday, extends affordable rental rates for the residents for 20 years; ensures that no residents are displaced; and gives tenants the right to purchase the properties through a nonprofit organization if the owners decide to sell the development.<\/p>\n\n\n\n<p>The imbroglio involving the 40-year-old, 15-building apartment complex a mile from Venice Beach is one of several recent cases around the country in which tenants have sued to try to stop their buildings in pricey areas from becoming market-rent developments.<\/p>\n\n\n\n<p>Hernan D. Vera, president and chief executive of Public Counsel in Los Angeles, which served as co-counsel for the plaintiffs, said the settlement &#8220;preserves Venice as a place where everyone can live.&#8221;<\/p>\n\n\n\n<p>Co-counsel Alfred M. Clark, a partner at Locke Lord Bissell &amp; Liddell LLP in Los Angeles who also worked on the case pro bono, agreed.<\/p>\n\n\n\n<p>&#8220;The potential loss of an already extremely limited supply of affordable housing for low-income families on the westside of Los Angeles threatened not only the residents of the 246 units comprising the Holiday Venice development, but also the rich racial, ethnic and socio-economic diversity that has characterized the Venice community for over a century,&#8221; Clark said in a statement.<\/p>\n\n\n\n<p>Also representing the plaintiffs was the St. Paul, Minn.-based Housing Preservation Project.<\/p>\n\n\n\n<p>A spokesman for HUD could not be reached for comment at press time Thursday.<\/p>\n\n\n\n<p><a href=\"https:\/\/ftllp.net\/attorneys\/michael-a-taitelman\/\">Michael A. Taitelman, an attorney for lawsuit co-defendants New Venice Partners and New Venice Investors, owners of Holiday Venice<\/a>, said his clients are pleased with the settlement.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-style-large is-layout-flow wp-block-quote-is-layout-flow\"><p>&#8220;The owners have always intended to own these properties long-term and keep them affordable,&#8221;<\/p><cite>said <a href=\"https:\/\/dev.creativespikedigital.com\/lftc\/attorneys\/michael-a-taitelman\/\">Michael Taitelman, a partner with Freedman &amp; Taitelman LLP in Los Angeles.<\/a><\/cite><\/blockquote>\n\n\n\n<p>The case is Holiday Venice Tenant Action Committee v. Donovan, CV09-3912 (C.D. filed June 2009).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hundreds of families living in one of West Los Angeles&#8217; last affordable housing complexes will get to hang on to their low-rent privileges under a lawsuit settlement announced Thursday. The agreement, reached by residents of the Holiday Venice apartment complex and affordable housing advocates with the defendants &#8211; both the U.S. Department of Housing and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13806,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1418,424,1419,427,1414],"tags":[1416,1415,1417],"class_list":["post-10398","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-donovan","category-michael-a-taitelman","category-public-counsel-law-center","category-real-estate","category-venice-tenant-action-committee","tag-alfred-m-clark","tag-hernan-d-vera","tag-holiday-venice"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.7 (Yoast SEO v23.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Journal: Settlement assures low rents - Liner Freedman Taitelman + Cooley LLP<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Daily Journal: Settlement assures low rents\" \/>\n<meta property=\"og:description\" content=\"Hundreds of families living in one of West Los Angeles&#8217; last affordable housing complexes will get to hang on to their low-rent privileges under a lawsuit settlement announced Thursday. 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