An important financing deal securing the future of two urban senior housing developments in Los Angeles was completed last week when U.S. Bank confirmed that it is providing $55.1 million for the projects. The two affordable housing communities have groundbreaking ceremonies scheduled this month. U.S. Bank is working with the Retirement Housing Foundation to get the two developments done. The banking giant will present the organization with a $30,000 check, in support of its current senior housing endeavors.
The two affordable senior housing developments are Broadwood Terrace in South Los Angeles and Las Alturas in East Los Angeles. The two residential complexes will add a total of 165 new affordable units for eligible seniors; 153 of those units are designed to be HUD 202 Section 8 rental subsidies for eligible seniors older than 62. The 12 remaining units are designated as affordable housing units for seniors ages 55 and older. Both of the properties, scheduled for completion during the second half of 2014, will have LEED certifications.
Broadwood Terrace will have 88 one- and two-bedroom units in a five-story building, at 5001-5025 South Main Street in South Los Angeles. The second project, the Las Alturas housing complex, will be located in the Boyle Heights neighborhood at 3545 East Whittier Boulevard. The five-story, 77-unit building will offer one-bedroom floorplans in the proximity of local transportation and a number of resident amenities.
Retirement Housing Foundation has been collaborating with U.S. Bank on its affordable senior residential projects for the past ten years. During this timeframe, U.S. Bank has reinforced the partnership by providing help with development financing, as well as a total of $160,000 which is part of the financial giant’s initiative to reinforce the working relationship between the parties, and support RHF’s ongoing projects.
Renderings courtesy of rhf.org