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Thursday, Mar 28, 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.

Michael Aushenker
Michael Aushenker
A graduate of Cornell University, Michael covers commercial real estate for the San Fernando Valley Business Journal. Prior to the Business Journal, Michael covered the community and entertainment beats as a staff writer for various newspapers, including the Jewish Journal of Greater Los Angeles, The Palisadian-Post, The Argonaut and Acorn Newspapers. He has also freelanced for the Santa Barbara Independent, VC Reporter, Malibu Times and Los Feliz Ledger.

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