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Sherman Oaks Senior Housing Closes Financing

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Sherman Oaks Senior Housing Closes Financing

Finance Closing Date:  May 14, 2021
 
Project Description
The Sherman Oaks Senior Housing will be a  55-unit new construction project for homeless/chronically homeless seniors aged 62 and older, located at 14535 West Burbank Boulevard, Van Nuys, 91411, in Council District 4. The project is comprised of 48 studio units and seven one-bedroom units (including 1 for the manager).  The chronically homeless units (27) will be reserved for residents with a qualifying mental health diagnosis and/or co-occurring disorder(s) (e.g. substance abuse, physical disability, medical condition).  Project amenities including a community room, management office, offices for resident services, bike storage, a laundry room on three floors, and open space including a rooftop deck and a rear yard.  All units will be furnished and utilities will be owner-paid.  The project will be certified Leadership in Energy and Environmental Design (“LEED”).
 
Developer
Mercy Housing California
 

Financing
Primary Funding Sources: the City of Los Angeles issued tax-exempt bonds in the amount of $14,676,000, and other funding sources include Proposition HHH loan ($10,505,254), State of California’s No Place Like Home program loan ($5,058,085), and Low Income Housing Tax Credits ($12,177,311).  Zions Bancorporation, N.A., dba California Bank & Trust, is providing the construction loan financing.

Congratulations to the dedicated #PropHHH Unit at LAHD for putting this housing development through the next phase – construction!

About Prop HHH
In November 2016, the voters of Los Angeles overwhelmingly voted in favor of Proposition HHH (Prop HHH, HHH), which provides funds for the development of supportive housing for homeless individuals and families throughout the city. The Prop HHH Supportive Housing Loan Program development proposals use both traditional and innovative financing and construction techniques on this particular type of housing. The program provides an average HHH loan commitment of $140,000 per unit (apartment); developers must combine HHH loans with other financial resources to pay for the total development costs. The dashboard below shows the progress made, the different stages of the housing development, the location, and financing details for each each housing development awarded HHH loans. For more information on HHH, visit: housing.lacity.org/housing/supportive-housing-prop-hhh.

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