A new affordable housing development is providing 40 homes for families in Los Angeles’ East Hollywood neighborhood.
Developed by Meta Housing Corp., 5400 Hollywood Family Apartments has a range of one-, two-, and three-bedroom units for households earning between 30% and 60% of the area median income. The development was fully leased at the end of January.
“Housing affordability continues to be a major concern for families throughout Los Angeles,” said Kasey Burke, president of developer Meta Housing Corp. “There are more than 7,000 new apartments anticipated to be delivered to the market over the course of 2017, many of which are luxury communities. As new luxury supply and rents continue to inch upward, 5400 Hollywood Family Apartments fills a deep void in the community by providing residents with new, quality housing that is also affordable.”
To encourage engagement and collaboration among the residents, the development features the latest in innovative design as well as amenities found in the newest market-rate communities in Los Angeles. Amenities at the five-story building include a rooftop deck with barbecue and children’s play areas, large community spaces, a clubhouse, and a computer room. Meta Housing also is currently considering tenants for its more than 3,000 square feet of commercial space.
Designed to LEED Gold standards, the development features the latest in sustainable and green design, including drought-tolerant plant materials to conserve water.The $21.6 million development is financed primarily with low-income housing tax credits allocated by the California Tax Credit Allocation Committee and equity provided by Wells Fargo, which also provided a construction loan. The Los Angeles Housing & Community Investment Department, California Community Reinvestment Corp., California Department of Housing and Community Development, and the Federal Home Loan Bank of San Francisco also provided financing.