U.S. Bank Closes on $55.1 Million in Financing for Two Urban Senior Living Developments
Projects will transform two vacant lots into 165 affordable senior housing units
LOS ANGELES--(BUSINESS WIRE)-- U.S. Bank is providing more than $55.1 million in financing to help Retirement Housing Foundation (RHF) develop two senior affordable housing complexes, both breaking ground this month in Los Angeles neighborhoods. Officials will break ground on the two developments June 7 and June 14. U.S. Bank will present a $30,000 check to the organization at the June 14 event.
"U.S. Bank is pleased to partner with Retirement Housing Foundation, a highly-respected developer in California and across the country," said Sean Foley, president of U.S. Bank in Southern California. "We are committed to providing funding for affordable housing in Southern California, and senior living is an important and necessary component to these communities."
U.S. Bank's commitment to the projects includes $24.9 million in construction debt and more than $30.2 million of Low-Income Housing Tax Credit equity through its tax credit investment subsidiary, U.S. Bancorp Community Development Corporation.
The $30,000 donation that will be presented to RHF is from the U.S. Bank Foundation for support of its operations. U.S. Bank has given RHF more than $160,000 in the last 10 years, just part of an extensive relationship that the bank has with the organization. Tiena Johnson-Hall, vice president of community lending for U.S. Bank in California, serves on the Angelus Plaza Committee for RHF, and recently worked with her bank partners to implement new financial tools that save RHF a substantial amount of money by leveraging the size of their organization to maximize benefits received from utilities and vendors that serve their properties. U.S. Bank also just approved $1 million loan for working capital.
Broadwood Terrace, in South Los Angeles, and Las Alturas, in East Los Angeles, will provide a combined 165 units of affordable housing for eligible seniors. The communities have 153 units of HUD 202 Section 8 rental subsidies for those eligible seniors 62 years and older. The remaining 12 units will have affordable rents for eligible seniors 55 years and older. The properties, which are both LEED-certified, will be completed in late summer/early fall 2014.
"RHF is grateful for U.S. Bank's partnership in these new communities as we seek to address the nation's critical need for more affordable housing," said Rev. Laverne Joseph, D.D., president of Retirement Housing Foundation.
Broadwood Terrace, located at 5001-5025 South Main Street in South Los Angeles, will consist of 88 one and two-bedroom units in a five-story building. The units meet accessibility requirements and will be within a quarter-mile of public transportation, a grocery store, a pharmacy, Hubert H. Humphrey Comprehensive Health Center, Junipero Branch Library and South Park Recreation Center. The project's groundbreaking celebration will take place on June 7 at 1:30 p.m.
Las Alturas, located at 3545 East Whittier Blvd. in the Boyle Heights neighborhood, will consist of 77 one-bedroom units in a five-story building. Like Broadwood Terrace, the units will meet accessibility requirements and the complex is within close proximity of services and amenities such as public transportation, a grocery store and Robert L. Stevenson Library. The project's groundbreaking celebration will take place on June 14 at 1:30 p.m. A U.S. Bank representative will present RHF with check for $30,000 during festivities.
About Retirement Housing Foundation
Retirement Housing Foundation (RHF) is a non-profit organization comprised of 172 communities in 26 states, Washington D.C., Puerto Rico and the U.S. Virgin Islands. RHF is headquartered in Long Beach, California and has a national staff of more than 2,800 employees. RHF is a faith-based, organization affiliated with the United Church of Christ and established in 1961. Its mission is to provide housing and services for older adults, limited income families, and persons with disabilities; and most of its communities are incorporated as 501(c)3 non-profit corporations. Visit RHF on the web at www.rhf.org.
About U.S. Bancorp Community Development Corporation
With approximately $11 billion in assets as of March 31, 2013, U.S. Bancorp Community Development Corporation (USBCDC), a subsidiary of U.S. Bank, provides innovative financing solutions for community development projects across the country using state and federally sponsored tax credit programs. USBCDC's commitments provide capital investment to areas that need it the most and have contributed to the creation of new jobs, the rehabilitation of historic buildings, the construction of needed affordable and market-rate homes, the development of renewable energy facilities, and the generation of commercial economic activity in underserved communities. Visit USBCDC on the web at www.usbank.com/cdc.
About U.S. Bank
U.S. Bank has 225 branches and more than 2,700 employees in the Los Angeles area alone. U.S. Bancorp (NYS: USB) , with $355 billion in assets as of March 31, 2013, is the parent company of U.S. Bank, the 5th largest commercial bank in the United States. The company operates 3,080 banking offices in 25 states and 5,056 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.
Editors note: Visual renderings are available upon request
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