Nonprofit Clifford Beers Housing held a groundbreaking ceremony for its Isla Intersections project in Los Angeles in November. Built out of shipping containers, the 54-unit development will provide housing for individuals who have experienced homelessness.
Lorcan O’Herlihy Architects Nonprofit Clifford Beers Housing held a groundbreaking ceremony for its Isla Intersections project in Los Angeles in November. Built out of shipping containers, the 54-unit development will provide housing for individuals who have experienced homelessness.

Clifford Beers Housing has secured integral construction financing to develop its latest permanent supportive housing property in Los Angeles. Plans call for Isla Intersections to utilize recycled shipping containers.

KeyBank Community Development Lending and Investment announced $17.4 million in construction financing to the project.

When completed, the property will include 54 units of permanent supportive housing (studio apartments) and about 3,000 square feet of commercial space on an 18,000-square-foot lot. All units will be fully furnished.

Twenty-four units will be designated for chronically homeless individuals with severe mental illness or those who frequent the city of Los Angeles’ Department of Health Services. These units will be rented at 30% of the area median income (AMI), and the rest will rent at 40% of the AMI.

Enterprise Housing Credit Investments is providing 4% low-income housing tax credit equity, and the city of Los Angeles is contributing funds from the Proposition HHH Supportive Housing Loan Program. The U.S. Department of Veterans Affairs will provide rental support for the veterans who had been experiencing homelessness. Additional support is coming from the Annenberg Foundation and Home Depot.

Brett Sheehan of KeyBank’s Community Development Lending Group structured the financing.