Brief

The Mayor's office, through the Los Angeles Housing Department, requested approval to modify loan terms and subordinate the loan for Strathern Park Apartments, a 24-unit affordable housing development at 11040 West Lorne Street and 11111 West Strathern Street. The file passed Housing Committee and full Council in September 2022 (12-0), then was revisited in early 2026, approved by Housing and Homelessness Committee in April, and adopted by Council on May 1, 2026 (11-0, 4 absent). The file is now closed.

Full summary

Strathern Park Apartments is an affordable rental housing development located at 11040 West Lorne Street and 11111 West Strathern Street. The file has moved through two distinct phases. In 2022, the Los Angeles Housing Department sought Council approval to modify the affordable rental covenants and subordinate the City's loan for the project — a financial restructuring that places the City's loan in a secondary position relative to other lenders, typically to facilitate refinancing or access to new capital while preserving the City's affordable housing protections. The Housing Committee approved that initial action in September 2022, and Council adopted it unanimously. In early 2026, the Housing Department returned with a follow-up report requiring Council to reaffirm and reapprove the previously authorized loan modification. The 2026 action went further than a simple reaffirmation: the Housing and Homelessness Committee recommended authorizing LAHD's General Manager to subordinate the loan, extend the loan's maturity date, and modify the residual receipts split — the formula governing how surplus revenue from the property is divided between the developer and the City. The Council was also asked to authorize LAHD to execute amended loan documents that would clarify net capital proceeds, adjust the interest rate, and establish a minimum allocation for hard construction costs. Additionally, technical adjustments to the property's ground lease and related documents were authorized as needed by the City Attorney. The Housing and Homelessness Committee approved the recommendations at a special meeting on April 10, 2026, with members Raman, Blumenfield, and McOsker voting yes and Jurado and Hutt absent. Full Council adopted the item on May 1, 2026 by a vote of 11-0 with 4 absent. The Housing Department reported no impact to the General Fund from these modifications. Council action became final on May 5, 2026, and the file is now closed.

Activity (14)

• 2026-05-05 Council action final.
• 2026-05-01 Council adopted item, subject to reconsideration, pursuant to Council Rule 51.
• 2026-04-28 City Clerk scheduled item for Council on May 1, 2026.
• 2026-04-10 Housing and Homelessness Committee approved item(s) .
• 2026-04-09 Housing and Homelessness Committee scheduled item for committee meeting on April 10, 2026.
• 2026-02-02 Los Angeles Housing Department document(s) referred to Housing and Homelessness Committee.
• 2026-01-30 Document submitted by Los Angeles Housing Department, dated January 30, 2026.
• 2022-09-28 Council action final.
• 2022-09-23 Council adopted item, subject to reconsideration, pursuant to Council Rule 51.
• 2022-09-20 City Clerk scheduled item for Council on September 23, 2022.
• 2022-09-14 Housing Committee approved item(s) .
• 2022-09-09 Housing Committee scheduled item for committee meeting on September 14, 2022.
• 2022-08-11 Los Angeles Housing Department document(s) referred to Housing Committee.
• 2022-08-10 Document(s) submitted by Mayor, as follows:Los Angeles Housing Department report, dated August 2, 2022, relative to a request for approval of recommendations for the affordable rental covenants and to subordinate the loan for the Strathern Park Apartments, an affordable housing development, located at 11040 West Lorne Street and 11111 West Strathern Street.

Documents (7)

• 2026-05-05 Council Action · council_action
• 2026-05-01 Speaker Card(s) · speaker_card
• 2026-04-10 Report from Housing and Homelessness Committee · report
• 2026-01-30 Report from Los Angeles Housing Department · report
• 2022-09-28 Council Action · council_action
• 2022-09-14 Report from Housing Committee · report
• 2022-08-02 Report from Los Angeles Housing Department · report