LOS ANGELES (April 20, 2022) – Enterprise Community Partners (Enterprise) announced today three Low-Income Housing Tax Credit (Housing Credit) deals totaling $68.3 million that will finance the construction of new apartment complexes in Los Angeles for low-income families. Beacon Landing in San Pedro and Corazón del Valle I and II in Panorama City will create 264 new apartments, 186 of which will provide supportive housing—permanently affordable housing with wrap-around services—to people experiencing homelessness. Residents will have access to intensive case management, individual service plans, peer support groups, life skills trainings and other service programs. JPMorgan Chase is the Low-Income Housing Tax Credit investor for all three developments.
“Supportive housing is a powerful solution to homelessness that has been proven in Los Angeles and cities across the country,” said Scott Hoekman, president of Enterprise’s housing credit investments business. “The Low-Income Housing Tax Credit makes investments like this possible; with great partners like JPMorgan Chase, we can create affordable homes that meet specific community needs while creating opportunity and upward mobility for families and individuals.”
Through capital, program solutions and policy advocacy, Enterprise’s work in Southern California continues to support California’s most vulnerable. In Housing Credit equity alone, Enterprise has invested $575 million to create or preserve 3,200 supportive homes in the greater metropolitan area. Additional work includes debt investments and grants; technical assistance to developers in the state’s Homekey program; the creation of a Permanent Supportive Housing Preservation initiative; and keeping Angelenos housed during the pandemic through the Local Rental Owners Collaborative.
The three newly financed developments are:
- Beacon Landing, a $22.4 million investment to construct a new modular four-story building that will offer 88 studio apartments to people experiencing homelessness, including 44 homes for people with physical, mental or developmental disabilities. Developed by Abode Communities, the apartments will be available to people earning up to 30 percent of the area median income (AMI), and all will be subsidized. Located in the San Pedro neighborhood, Beacon Landing is across the street from the Metro J Line and within walking distance of shops, restaurants and businesses. Construction is expected to be completed in summer 2023.
- Corazón del Valle I and II, two investments of $23.5 and $22.5 million to create a two-building apartment complex in the Panorama City neighborhood. Developed by Clifford Beers Housing, Corazón del Valle will contain 176 apartments, including 98 set aside for households experiencing homelessness. These homes will be subsidized with Section 8 housing vouchers and will be available to families earning up to 30 percent of the AMI. The remaining 78 apartments in Corazón del Valle will be reserved for low-income households earning up to 60 percent of the AMI. Twenty-six apartments in Corazón del Valle II will be specifically set aside for people with disabilities. The complex is located just 500 feet from a bus stop and a short walk away from the Panorama Mall, giving residents easy access to a Walmart, grocery stores and other retailers. The community will provide a range of services to all residents, including education and skill-building classes as well as referrals to legal assistance and employment services. Construction on Corazón del Valle I is expected to be completed in fall 2023, with Corazón del Valle II expected to be finished by spring 2024.
Additional financing for all three developments was provided by the Los Angeles County Development Authority. Wells Fargo, the California Community Reinvestment Corporation and the California Department of Housing and Community Development provided financing for the Corazón del Valle developments, and the Los Angeles Housing Department provided additional financing for Beacon Landing.
About Enterprise Housing Credit Investments
Enterprise’s housing credit investments business operates under Enterprise Housing Credit Investments, an affiliate of Enterprise Community Partners – a national nonprofit that exists to make a good home possible for the millions of families without one. We support community development organizations on the ground, aggregate and invest capital for impact, advance housing policy at every level of government, and build and manage communities ourselves. Since 1982, we have invested $54 billion and created 873,000 homes across all 50 states – all to make home and community places of pride, power and belonging.
Jordan Miller, Group Gordon