Projects will transform two vacant lots into 165 affordable senior
housing units
LOS ANGELES--(BUSINESS WIRE)--Jun. 7, 2013--
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 (NYSE: 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
Source: U.S. Bancorp
Teri Charest
U.S. Bank Public Relations
(612) 303-0732
teri.charest@usbank.com