National Equity Fund, Inc. National Equity Fund, Inc.

Extraordinary things happen when you have great partners
Since 1987, National Equity Fund® has invested more than $13 billion revitalizing neighborhoods,
fostering economic growth and creating affordable sustainable housing.

Blue Butterfly Village

Blue Butterfly Village

Veterans Housing

Located on more than nine acres in the South Bay portion of Los Angeles, Blue Butterfly Village, formerly known as Navy Village, underwent a complete rehabilitation in 2014 of its 15 two-story buildings. Originally developed in 1989 by the Navy as a housing development for military personnel at nearby Long Beach Naval Air Station, it had been vacated and later deeded to Volunteers of America Los Angeles with a portion retained by the Navy for a butterfly preserve.

The 73-unit two-bedroom townhouse community focuses primarily on female veterans with children facing homelessness although male vets with children may be accepted if they are heads of household. All units are subsidized with 12 units reserved for families eligible under the Military Pathways program. Apartments are fully furnished and include an in-unit washer/dryer. Common amenities feature a garage, private office/meeting space, community rooms, meeting/conference room, children’s play area and community walk path.

Volunteers of American Los Angeles (VOALA) provides a comprehensive support service plan managed by a full-time resident services coordinator. Residents will have access to onsite educational classes including financial literacy and independent-living skill-building classes in subjects such as budgeting, shopping, nutrition, resume preparation and physical fitness. Additional classes will be offered off-site at the nearby VOALA Early Head Start, Head Start and parenting center.

National Equity Fund contributed $18.4 million in LIHTC equity to rehab Blue Butterfly Village.


Project Details

Completed
2015
Location
1556 W. Palos Verdes Drive North
Los Angeles, CA
Project Type
Veterans Supportive Housing
Total Units
73
Mix of Residences
73-2 br
Limited Partnership
Navy Village VOA Affordable Housing, LLC
Tax Credit Equity
$18.4 million
Total Project Costs
$24.4 million
Sponsor
Volunteers of America Los Angeles
Permanent Lenders
California Housing Finance Agency
City of Los Angeles Housing Department
Bank of the West
Volunteers of America-National
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