LOS ANGELES, CA—Meta Housing Corporationhas 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, 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, amenity-rich housing in close proximity to public transportation, according to John Huskey, President of Meta Housing Corporation.

“As developers, we recognize the need for our residents to not only live in beautiful buildings, but to enjoy their surroundings with ease,” explains Huskey. “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.

“Bank of America was a strong partner throughout the entire development process,” notes Huskey. “In addition to providing both debt and equity for the project, the Bank of America team was instrumental in negotiating the disposition of property in September of 2011.”

Additional project financing was provided by the Federal Home Loan Bank of San Francisco, as well as the California Community Reinvestment Corporation, which serves as a mortgage lender to the affordable housing industry.