$3.2 Million for Centennial Place Affordable Housing Project on Monday’s Consent Calendar

The Pasadena City Council, as part of Monday’s consent calendar, will consider a $3.2 million amendment to the Housing Department’s operating budget to support the Centennial Place affordable housing project at 235 E. Holly Street. The funding will assist in paying for a major interior rehabilitation and the transition of the facility to serve very low-income senior citizens.

The 144-unit single-room occupancy building is owned and operated by Abode Communities. Initially designed as a permanent supportive housing project for extremely low-income homeless individuals, it is set to undergo a $26.2 million renovation with state funding. The rehabilitation is expected to be completed by mid-2026, at which point Centennial Place will shift its focus to provide affordable housing for seniors aged 55 and older.

The budget amendment would allocate funding from three city accounts: $2.23 million from the Other Housing Fund, $840,000 from the Low and Moderate Inclusionary Housing Asset Fund, and $165,903 from the Inclusionary Housing Trust Fund. These funds would contribute to a $3.2 million loan for the project, which includes $1.65 million from the Burbank-Glendale-Pasadena Regional Housing Trust.

Under the terms, the City would provide a loan not to exceed $3.2 million, which will carry a 55-year term at a fixed interest rate of 3% per annum. The loan will be secured by a deed of trust on the Centennial Place property.

The funding would be used for both rehabilitation efforts, such as replacing radiators, installing a second elevator, and replacing windows, as well as for intensive case management and enhanced on-site security services. The total project budget includes $3 million for rehabilitation and $237,000 for operating services. The project is scheduled for completion in August 2026.

Upon completion, Centennial Place would operate as an affordable housing facility with rent and income restrictions for seniors. The project will be governed by a 55-year Affordable Housing Regulatory Agreement, which will enforce eligibility criteria, income limits, and annual reporting requirements.

The City also committed to ensuring that Abode Communities complies with local hiring practices and other city regulations throughout the development and operation of the project. Monthly status updates, annual operating budgets, and other reports will be submitted to the City to ensure compliance with these agreements.