El Monte, CA: Affordable Housing Project for Veterans in California

U.S. Bank, Mercy Housing California, and New Directions have closed on a financing package that paves the way for El Monte Veterans Housing, a $12.8 million affordable housing development aimed at supporting returning veterans in Los Angeles County who might otherwise be homeless. Construction starts this month with completion expected in March 2014.  El Monte Veterans Housing is located 20 miles east of downtown Los Angeles, and will offer 40 permanent supportive housing units for formerly homeless veterans. Los Angeles County has the highest population of homeless veterans in the United States, with more than 8,000 in need of supportive housing.  A longtime partner of Mercy Housing, U.S. Bank is providing a more than $6.7 million construction loan and a nearly $8.8 million in LIHTC equity.  New Directions, which has specialized in veteran affairs since 1992, will offer an array of services for residents including substance abuse treatment, counseling, remedial education, job training and placement, and parenting and money management classes.

MarketWatch

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