LOS ANGELES– Meta Housing Corp.completed the redevelopment of a blighted, vacant Los Angeles building, transforming it into a transit-oriented, 123-unit affordable senior housing property in Los Angeles’ Chinatown.
The Metro at Chinatown Senior Lofts, located at 808 North Spring Street in the city of Los Angeles, was completed with support from Western Community Housing, the City of Los Angeles, the State of California’s Department of Housing and Community Development and Bank of America.
The multifamily property will provide local seniors, aged 55 or older, with affordable housing in close proximity to public transportation, according to John Huskey, president of Meta Housing.
“As developers, we recognize the need for our residents to not only live in beautiful buildings, but to enjoy their surroundings with ease,” Huskey said in a statement. “Through this project, and with the help of these excellent organizations, we were able to accomplish both of those objectives. By redeveloping a vacant downtown building which was already well-located, we were able to bring new life to this area of the city, and deliver a project which instills pride in each of the entities that contributed to its development.”
Western Community Housing served as the co-developer and managing general partner on the project. The City of Los Angeles’ HUD Neighborhood Stabilization contributed $12.6 million to the project, while the State of California’s Department of Housing and Community Development’s Transit-Oriented Development Program provided $10.5 million to the development. In addition, Bank of America provided $33.5 million in construction financing and Low Income Housing Tax Credits (LIHTC) for the new Metro at Chinatown.
Additional project financing was provided by the Federal Home Loan Bank of San Francisco, as well as the California Community Reinvestment Corp., which serves as a mortgage lender to the affordable housing industry.
The Metro at Chinatown Senior Lofts consists of two integrated structures including a seven-story building constructed in the 1920s, and a nine-story building constructed in 1916. The property is located adjacent to the Los Angeles County Metro’s gold line.
The newly redeveloped Metro at Chinatown features loft style studios, one- and two-bedroom units ranging in size from 548 to 1,340 sq. ft. Apartments are available to adults aged 55 and older who are earning less than 60 percent of the area’s median household income.
Chinatown Senior Lofts features various amenities, including a yoga room and screening room, which are strategically planned to promote senior interaction and ensure that community members remain engaged in their environment. In addition, The Metro at Chinatown amenities include a lounge, resident art gallery, and a rooftop patio that features expansive views of Chinatown and the downtown skyline.
The community began leasing in January 2013, and is 80 percent occupied.