U.S. Bank (NYSE: USB) is providing more than $55 million in financing to Retirement Housing Foundation (RHF) toward the development of two affordable senior housing communities in Los Angeles. Both communities are scheduled to break ground this month, utilizing $24.9 million in construction debt and $30.2 million in low income tax credits provided by U.S. Bank and its tax credit investment subsidiary, U.S. Bancorp Community Development Corporation
“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.”
The bank also has presented a $30,000 donation to RHF via the U.S. Bank Foundation, for support of its operations.
The financing comes following a long standing relationship between U.S. Bank and RHF, including work to maximize benefits from utilities and vendors in RHF’s existing properties.
The two new communities, Broadwood Terrace in South Los Angeles and Las Alturas, in East Los Angeles, will include 165 units total spanning 153 HUD 202 Section 8 rental subsidies for eligible seniors ages 62 and older. The remaining units are available to qualifying residents who are ages 55 and older.
Both communities are five-story buildings; Broadwood Terrace comprises 88 one- and two-bedroom units and Las Alturas offers 77 one-bedroom units.
Written by Elizabeth Ecker