Plans for a permanent supportive housing development took a step forward in Los Angeles.
KeyBank Community Development Lending and Investment (CDLI) announced it is providing $46.4 million in financing for the construction of 2111 Firestone, a six-story complex of one- and two-bedroom apartments designed to serve families and individuals exiting homelessness.
The financing includes $19.7 million in federal and state low-income housing tax credits, a $21.4 million construction loan, and a $5.3 million permanent loan. In addition, KeyBanc Capital Markets sold $20.7 million of tax-exempt bonds through a public offering to help finance the project.
The community will feature 85 homes with 42 units set aside for individuals exiting homelessness and earning no more than 30% of the area median income (AMI). Forty-one units will be restricted to households earning no more than 50% of the AMI. There will be two manager units.
The project sponsor is The Prime Co., a vertically integrated multifamily development firm. The company, along with Domus Development and Kingdom Development, will build the complex in unincorporated Florence-Graham, an area north of Watts.
Supportive services will be available to all residents to help them stabilize and enhance their overall well-being. These services include intensive case management; mental health services; addiction/recovery services; employment and/or benefits advocacy; and assistance in strengthening independent living skills.
The lead service provider, Housing Works, will offer intensive case management using a Housing First, trauma-informed approach to all tenants in the building.
Kortney Brown and Ted Witt of KeyBank CDLI structured the financing. Sam Adams of KeyBanc Capital Markets provided the bond underwriting.
