URBAN SOIL / TIERRA URBANA
MANAGEMENT PLAN
(v.2014)
Table of Contents
Urban Soil / Tierra Urbana (“USTU”) is a Limited Equity housing cooperative comprised of 45 affordable apartments in two separate two-story buildings located in the mid-Wilshire region of Los Angeles. Six units are covenanted for very low income tenants in the 117 Bimini Place building. Apartment square footage ranges from 380 to 1,000 square feet.
The 117 Bimini Place building and the Bimini Terrace building (127-133½ Bimini Place) (collectively the “Property”) are both owned by USTU. The land beneath the buildings is owned by the Beverly Vermont Community Land Trust and leased to USTU pursuant to a groundlease. USTU is governed by its Board of Directors, and the Property is managed by a paid Resident Manager.
This management plan sets forth general policies and procedures to assure that USTU provides a high standard of housing for its residents, generally, and its low-income households, in particular. The following lays out objectives for management of USTU:
USTU will be well-managed and properly-maintained to provide decent, safe and sanitary living conditions for its residents.
USTU will be a financially-stable enterprise that successfully operates within its budget so that all expenses, debt service and reserve payments are covered by operating income (which includes assessments on its shareholders).
USTU will be managed in accordance with a regulatory agreement with the appropriate agency in the City of Los Angeles, and in compliance with all local, state and federal laws.