Best affordable seniors housing design for Global Awards shortlisted
LOS ANGELES: The shortlist for the best affordable seniors housing design has been declared.
Over 250 designs have been considered by the awards secretariat. One of the finalists in this category is shown above.
In the aftermath of the 1992 Los Angeles uprising, parts of the city were decimated, including a 4.2-acre lot at the corner of South Vermont and West Manchester Avenues that sat vacant for three decades.
Today, however, area residents have a lot to look forward to, as long-promised commercial development will be returning to the site, where 78 percent of residents are classified as low- to moderate-income. The location will be home to 176 affordable apartments, a retail space and a transit community center, and will be situated next to the SEED School of Los Angeles County (SEED LA), a public college-preparatory boarding school.
The project, called Evermont, was envisioned and structured by BRIDGE Housing, Coalition for Responsible Community Development, and Primestor, working closely with the community over many years.
It required strategizing among several outside entities, but also within three separate divisions of JPMorgan Chase: Community Development Real Estate (CDRE), Tax Oriented Investments, and New Market Tax Credits (NMTC).
“BRIDGE Housing called us, and we were able to bring the full strength and expertise of the firm to make this community development project happen,” said Cécile Chalifour, managing director, head of the West region, Community Development Banking for JPMorgan Chase.
Evermont broke ground in Spring 2022 and was made possible thanks in part to a series of investments and loans from JPMorgan Chase. The firm provided:
- – $92 million in construction financing for two affordable housing developments.
- – $64 million in Low Income Housing Tax Credit (LIHTC) equity for the housing projects.
- – $11.5 million in New Markets Tax Credit (NMTC) equity for the construction of retail and workforce development space at Evermont.
- – $20.5 million in NMTC equity for SEED LA, a school facility adjacent to Evermont and a part of the overall Transit Priority Joint Development project.
- – $15 million senior direct loan for SEED LA.
“This is a catalytic development for the community,” said En Jung Kim, managing director of the New Markets Tax Credit division for JPMorgan Chase. “Our investment is bringing a public boarding school and a transit-oriented mixed-use development with retail and job training services — including grocery and other essentials — to South Los Angeles.”
The Global Award winner will be announced in December in London. (Globals)