Pasadena Now12%
Affordable-Housing Restrictions at Holly Street Village to Expire in February 1%
By Gab Apo12%
8/2/2026, 10:13:00 AM
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The Housing, Homelessness and Planning Committee is scheduled Wednesday to receive an informational update on the coming expiration of affordable-housing restrictions at Holly Street Village Apartments, a 374-unit complex at 151 E.
Holly Street where 75 units have been reserved for very low-income households.
No action on the matter is scheduled; the update is informational, and the committee — an advisory panel to the City Council — is not being asked to vote on any aspect.
The affordability restrictions on those 75 units are set to expire Feb. 26, 2027, a deadline governed by state law that could eventually affect what tenants in the restricted units pay.
Holly Street Village was completed and placed in service in 1994, financed in part with tax-exempt bonds and low-income housing tax credits through the California Tax Credit Allocation Committee.
That financing required 75 units to be set aside for very low-income households at affordable rents.
Those restrictions, recorded in a regulatory agreement with the State of California, originally expired Dec. 31, 2024, but were extended through Feb. 26, 2027, under the state Affordable Housing Preservation Law.
Under that law, the owner must post notices to tenants at intervals during the extension period — at three years, 12 months and six months before expiration.
The three-year and 12-month notices have already been provided, and the six-month notice is expected to be posted by the end of August.
The Housing Department and Rent Stabilization Department have been in contact with the state Housing and Community Development Department and the owner’s representatives throughout the process, according to city documents.
Even after the affordability restrictions lapse, the units will remain subject to Pasadena’s rent stabilization rules.
Because the complex was built before Feb. 1, 1995, all 374 units — including the 75 restricted units — fall under the City Charter amendment known as Measure H.
The allowable annual rent increase on rent-stabilized units is capped at 2.25% through Sept. 30, rising to 2.50% from Oct. 1 through Sept.
30, 2027.
Current market rents at the complex average $2,385 for a one-bedroom and $3,059 for a two-bedroom, while the restricted units currently range from $1,395 for a one-bedroom to $1,866 for a two-bedroom.
In addition, 28 of the 75 restricted units are supported by federal rent subsidies administered by the Housing Department.
Those subsidies will continue and are not affected by the February 2027 expiration.
The complex is owned by Trea Holly Street Village, LLC, and managed by Greystar Real Estate Partners.
City sStaff say the Housing and Rent Stabilization departments will keep working with the state and the owner and will notify tenants in the restricted units about the pending expiration and its expected effects.
Need to know: The Housing, Homelessness and Planning Committee meets Wednesday, Aug. 5, at 5 p.m. in the Council Chamber, Room S249, at Pasadena City Hall, 100 North Garfield Avenue, in Pasadena.
Cost: free and open to the public.
Attend in person or join on Zoom at https://us02web.zoom.us/j/161482446, or by phone at 1-669-900-6833, Meeting ID 161 482 446.
For more, call (626) 744-7311 or visit https://www.cityofpasadena.net/commissions/agendas/
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