Bethel Towers to stay the same -- only better

Jennifer Kho

WESTSIDE -- Bethel Towers is up for sale and intended buyer Steadfast

Properties and Development has good news for seniors -- no one will be

kicked out.

“The plan is to rehabilitate the property but to continue its use as

senior housing,” said Terry Freeman, the national director of affordable

housing finance for Klein Financial Corp., who is the financial

consultant for Steadfast. “Steadfast wants to purchase the property to

preserve its affordability.”

The tall building on 19th Street, full of apartments for low-income

seniors, is in escrow for sale to Steadfast.

Escrow is expected to close in the fall, Freeman said.

Steadfast, a Newport Beach property management and development

company, is also applying for tax-exempt bond financing from the

California Debt Limit Allocation Committee to buy and renovate the

apartments, she said.

The Orange County Board of Supervisors had a public hearing about the

proposed financing Tuesday to satisfy a federal tax requirement, said

Faye Watanabe, senior analyst for the county.

The public hearing, which allowed county residents the chance to speak

on the proposal, was the only county involvement, however, and the board

is not making any decision about the financing, county spokeswoman Diane

Thomas said.

Allan Roeder, Costa Mesa city manager, said Steadfast is requesting

tax-exempt state bond financing to allow it to renovate the building

without raising rents.

“The new owners are every bit as much interested in keeping seniors

who are there as we are,” he said. “There should be no concern that rents

are going to be increased or that seniors are going to be moved out.

There should be some pleasant surprises in terms of improvements to the

building.”

Although details have not yet been decided, the renovations that will

be proposed include upgrading the building, particularly to increase

safety measures.

“They’ve talked about maybe adding sprinkler systems and other

life-safety measures to make sure the building is as safe as it can be,”

Roeder said. “Also, the building hasn’t undergone a wholesale upgrade for

some time, so they are interested in kind of freshening it up.”

The city will review the terms of the project and its financing before

any renovation begins.

Michael Clifford, a Bethel Towers resident who ran unsuccessfully for

City Council last year, said he approves of the renovation.

“It will be nice to see it looking better,” he said.