LOS ANGELES—The 77-unit affordable housing project, Riverwalk at Reseda will break ground today. To assist in the development, U.S. Bank has provided developer Adobe Communities $32.5 million in financing.
Of the total, $17.8 million comes from the Community Lending Division of U.S. Bank, while the additional $14.7 million will be through Low-Income Housing Tax Credits.
“We are proud to expand our relationship with Abode Communities to help bring Riverwalk at Reseda to the community,” said Waheed Karim, VP of community lending for U.S. Bank, in a statement. “With its modern design and central location, Riverwalk will be an attractive and highly efficient, yet affordable housing option in this historic neighborhood.”
Riverwalk at Reseda will be for families whose income is between 30 percent and 60 percent of the Los Angeles median. There will be one-, two- and three-bedroom units.
“The need for affordable housing is significant in Los Angeles,” said Robin Hughes, president and CEO of Abode Communities. “We’re pleased to partner with U.S. Bank in developing long-term affordable housing solutions to those low-income families who need it most.”
Riverwalk at Reseda is the fifth affordable housing project Adobe Communities and U.S. Bank have partnered to build. Other projects include Rio Vista Apartments in Glassell Park, Evergreen Apartments in Long Beach, Casa Dominguez in East Rancho Dominguez and Morgan Place in Los Angeles.