L.A. City Councilmember Nury Martinez introduced a motion this week stipulating that Meta Housing Corp. is seeking to acquire a North Hills property for the purpose of developing 356 units of affordable rental housing, according to an Urbanize.LA report.
The developer seeks to take advantage of low-income housing tax credits and tax-exempt bonds in building the project.
Martinez’s motion, which will be considered at an upcoming meeting of the City Council, would authorize the California Public Finance Authority to issue $135 million in revenue bonds to Meta Housing to cover costs for the project.
Metro Investments received entitlements in 2017 from the City of Los Angeles to construct a six-story building at 8811 N. Sepulveda Blvd. featuring 324 market-rate apartments and 44 units of very low-income affordable housing. Over two years later, the project site, which spans nearly 5 acres, has been cleared of buildings, awaiting construction.
Meta Housing ranks among the most significant builders of supportive and low-income rental developments in Los Angeles. The entity has also proposed ground-up projects in other San Fernando Valley neighborhoods, including Canoga Park, Sylmar and Sun Valley.