LOS ANGELES—U.S. Bank has provided $55.1 million in financing to Retirement Housing Foundation. The money will be used to build two senior affordable housing complexes in Los Angeles neighborhoods.
Broadwood Terrace, in South Los Angeles, and Las Alturas, in East Los Angeles are scheduled to break ground in June. Combined the housing complexes will provide 165 units, 153 of which will be HUD 202 Section 8 rental subsidies. Construction will complete in the early fall of 2014.
“U.S. Bank is pleased to partner with Retirement Housing Foundation, a highly-respected developer in California and across the country,” said Sean Foley, president of U.S. Bank in Southern California. “We are committed to providing funding for affordable housing in Southern California, and senior living is an important and necessary component to these communities.”
The financing includes $24.9 million in construction debt and $30.2 million in Low-Income Housing Tax Credit equity.
Located at 5001-5025 South Main St., Broadwood Terrace will consist of 88 one and two-bedroom units within a five-story building. Las Alturas, located at 3545 East Whittier Blvd. will contain of 77 one-bedroom units in a five-story building.