It is a HUD subsidized, project-based Section 8 property; catering to seniors over 62 years of age and individuals with disabilities.

The apartments were developed by their namesake – Isaac Newton Van Nuys – in 1913 as a financial center in the heart of Los Angeles.

[1] Upon its opening, First National Bank occupied the entire first floor and basement of the building, while Dean Witter & Company, Merrill Lynch, and other financial services firms occupied offices in the upper floors.

In 1982, the building was converted into a 299-unit residential complex reserved for low-income senior citizens via funds from the HUD and CRA/LA.

The conversion also included rehabilitation, and the creation of 13,000 sq ft (1,200 m2) of retail space on the ground floor.