LA Affordable Housing Developments Receive Support From Impact Finance
Adams Terrace and Jordan Downs, located in historical neighborhoods, are closing the wealth gap and creating homes for hundreds of residents
NORTHAMPTON, MA / ACCESSWIRE / December 27, 2023 / U.S. Bank
Originally published on U.S. Bank company bllow-to-moderate-incomeog
To continue addressing California's affordable housing crisis and close the wealth gap, U.S. Bancorp Impact Finance is leaning in to provide debt and equity toward affordable housing developments across the state, including two projects located within historical Los Angeles neighborhoods.
Abode Communities' Adams Terrace opened earlier this year in the historic West Adams neighborhood in South LA and serves seniors, including those chronically homeless. Impact Finance provided a more than $33.7 million construction loan to construct 84 units of affordable housing to seniors ages 55+. A U.S. Bank team recently visited Adams Terrace to meet with the Abode staff and learn more about how the development is changing lives and influencing the neighborhood.
"It was energizing to visit Adams Terrace and see our financing come to life through the residents who live there and the employees who work hard every day to make it a great place to live," said U.S. Bancorp Impact Finance Chairman & CEO Zack Boyers. "We've been working with Abode for many years and it's a privilege to enable them through our financing to meet community needs like affordable housing in a historical neighborhood."
Within the last 20 years in the Los Angeles metro area, Impact Finance has provided nearly $2 billion in affordable housing debt and financed approximately $1.4 billion in affordable housing equity.
"Our commitment in Los Angeles and across the state is of significant importance to us."
- U.S. Bancorp Impact Finance Chairman & CEO Zack Boyers
Recently honored with Abode's People Impact Equity Award at its 55th anniversary celebration, Impact Finance has been lending and investing with Abode since 2008. Additionally, Abode received a Community Possible grant through the U.S. Bank Foundation in 2022, which was used in part to support the construction of Adams Terrace. Adams Terrace consists of two four‐story buildings and includes parking as well as community rooms, onsite laundry, outdoor courtyards, onsite resident and supportive services as well as onsite property management.
"Adams Terrace is another shining example of our partnership with U.S. Bank," said President & CEO of Abode Communities, Holly Benson. "They are a reliable, trustworthy partner, and share Abode Communities' desire to create equitable housing opportunity for all."
For pop culture enthusiasts, there is a tie to West Adams and the recently released "Lessons in Chemistry," a 2023 AppleTV+ series adapted from the book written by Bonnie Garmus. The series highlights character Harriet Sloane, a neighbor to main character Elizabeth Zott. As explained in this LA Times story which highlights the differences between the book and the series, Sloane actively pursues stopping the construction of the Santa Monica Freeway through their predominately Black neighborhood. The storyline is inspired by historical 1960 events and the decline of the Sugar Hill district within West Adams because of freeway construction through what was once a thriving community.
Just 11 miles south of West Adams in Los Angeles' Watts community, Impact Finance made a $40 million equity investment and provided a $54.5 million construction loan to BRIDGE Housing's Jordan Downs, a 1950s-era public housing development that also experienced civil unrest in 1965 and 1992. First opened in May 1944, the complex was initially developed as semi-permanent housing during World War II for war workers.
Jordan Downs Phase 3B will offer 107 apartments to low-to-moderate-income families. Property amenities will include a leasing office, community room and ample outdoor areas. The property is adjacent to a new transit stop at the Jordan Downs Plaza retail center and is near a medical clinic, pharmacy, schools, library, and more. Additionally, residents will have access to a broad array of services, such as rental assistance, food distribution, and wellness activities. It is anticipated to complete construction in the Summer of 2025. Watch this brief video to learn more about this redevelopment project.
"BRIDGE deeply values our longstanding partnership with U.S. Bank and their commitment to the people and communities we serve," said BRIDGE Housing President and CEO Ken Lombard. "In keeping with our mission, Jordan Downs Phase 3B goes beyond housing to provide the retail, transit, educational opportunities and jobs that lift neighborhoods. We're proud to team up on this innovative development that will benefit future generations."
The U.S. Bank Foundation has also supported BRIDGE through Community Possible grants to expand and preserve affordable housing for low-to-moderate-income residents in California.
"Our commitment in Los Angeles and across the state is of significant importance to us," said Boyers. "We look forward to more great things to come."
View additional multimedia and more ESG storytelling from U.S. Bank on 3blmedia.com.
Contact Info:
Spokesperson: U.S. Bank
Website: https://www.3blmedia.com/profiles/us-bank
Email: info@3blmedia.com
SOURCE: U.S. Bank
View the original press release on accesswire.com
