LOS ANGELES, CA - Meta Housing Corporation has secured the financing necessary to break ground on three new multifamily developments in Los Angeles County, totaling 160 units, including two affordable senior apartment communities and one affordable family apartment community. The project cost for all three communities will total $52.5 million, according to Meta Housing President John Huskey.
“The need for affordable housing continues to grow throughout the nation, and is especially prevalent in metro areas such as Los Angeles and Long Beach,” explained Huskey. “Despite the dissolution of the redevelopment agencies, which substantially affected the way in which affordable projects can be financed, we have succeeded in discovering new ways to finance our affordable family and senior communities.”
Huskey continued, “We have been successful in securing tax credits for every project that we have developed. These credits have assisted us in developing dozens of successful affordable housing projects.”
The three latest developments for which Meta Housing secured tax credits include:
Metro @ Compton - planned as a 75-unit, $19.5 million affordable senior apartment community located at 302 N. Tamarand in the city of Compton, Calif.
Cabrillo Family Apartments - planned as a 44-unit, $18 million affordable family apartment community located at1640 Cabrillo Avenue in the City of Torrance, Calif.
Long Beach & 21st Apartments - planned as a 41-unit, $15 million affordable senior housing community located at 2114 Long Beach Boulevard in the City of Long Beach.
Each of these new projects will break ground within the next five months, bringing Meta Housing Corporation’s current portfolio of projects under development to seven. The company also has 14 other projects in the pre-development phase.
“We are actively pursuing new projects throughout California, with an emphasis on urban markets and dense suburban markets, in order to continue to build apartment communities that deliver pride and satisfaction to the Cities we serve, and the partners with whom we work,” said Huskey.
Since 1993, Meta Housing Corporation has established itself as one of Southern California’s most experienced and trusted developers of apartment communities for families and seniors, developing more than 5,000 residential units.
Meta Housing Corporation’s development projects revitalize the employment centers of Southern California by allowing residents to make their home near where they work. The company’s family housing developments demonstrate its ongoing commitment to providing high quality housing alternatives. “Active living in place” is the credo for the company’s senior housing communities, offering amenities and programs that help residents embrace the full potential of senior living.
Each Meta Housing community aims to provide the highest quality of life possible, integrating innovative design concepts with life-enhancing features that make a significant impact on the lives of our residents. Meta Housing pairs its bottom-line business acumen with a strong sense of social advocacy, a combination that continues to make the company the perfect partner for cities, housing agencies, nonprofits, investors and other developers. Additional information is available at www.metahousing.com