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Thursday, Nov 14, 2024

Affordable Housing Developer to Bring 356 Units to North Hills

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.

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is a managing editor at the Los Angeles Business Journal and the San Fernando Valley Business Journal. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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