LOS ANGELES-Meta Housing Corp. of West Los Angeles has completed its 71-unit Pico-Gramercy Family Apartments, a $16.4-million project that it developed in partnership with Century Affordable Development Inc., an affiliate of Century Housing. The new apartment complex, at 3201 W. Pico Blvd., features 52 units of two and three bedrooms that are designed to "address the tremendous demand for larger apartments to serve the needs of growing families," according to the developers.
Occupancy of the new complex is restricted to residents earning a maximum of 50% of the area median income for Los Angeles County as established by the US Department of Housing and Urban Development. Rents will range from $390 to $773, well below prevailing market rates.
The Pico-Gramercy, which lies within a federally designated community redevelopment zone, also features 11,000 sf of open space and common areas. These include a large community center with computers, a children's playground and play equipment, barbeques and sitting areas.
The development site is adjacent to Country Club Park, which features a mix of housing types and prices, but generally older. Little if any new construction has been completed in the area in some time.
Construction financing included an $8.5-million loan from Wells Fargo, $3 million from the City of Los Angeles Housing Department's HOME funds and $2.4 million in tax credit equity, along with grants from the Los Angeles Community Redevelopment Agency and from the Affordable Housing Program at the Federal Home Loan Bank of San Francisco.
Kasey Burke, Meta Housing's manager of the Pico-Gramercy project, notes that the new units join a number of other Meta projects that the company has developed "to help alleviate the city's severe shortage of affordable housing for working families." Burke points out that Meta Housing developed housing for seniors and families throughout Southern California, with most of its projects 100% affordable through the company's use of a variety of tax credit, bond financing and other government financing programs.
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