U.S. Bank Finances Affordable Housing Project for Veterans in California
EL MONTE, Calif.--(BUSINESS WIRE)-- 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.
U.S. Bank, a longtime partner of Mercy Housing across the country, is providing a more than $6.7 million construction loan and a nearly $8.8 million in Low Income Housing Tax Credit equity through its community development subsidiary U.S. Bancorp Community Development Corporation.
"We look for every opportunity to support our veterans and this is the most recent example of that commitment," said Sean Foley, president of U.S. Bank in Southern California. "Our Proud To Serve initiative, which U.S. Bank launched in 2008, offers veterans and their families recognition, benefits and services tailored to their unique circumstances."
U.S. Bank has received accolades for its commitment to veterans and active duty members of the military including recognition in Military Times, GI Jobs, and US Veterans magazines.
"We're pleased to help provide for veterans, just as service men and women have provided for us," said Ben Phillips, Mercy Housing California Regional Development Director. "Veterans deserve the opportunity to return to a safe and affordable community and we feel honored and excited to be able to provide this facility."
The three story building will offer onsite amenities such as a clubhouse, community room, computer center, elevator, laundry facilities, courtyard and picnic area and garages. 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.
"With over 8,000 homeless veterans in Los Angeles County, more permanent supportive housing is needed in every community," said Gregory Scott, Executive Director of New Directions. "New Directions is excited to help end veteran homelessness in El Monte by partnering with Mercy Housing to build 40 studio apartments for homeless veterans. In collaboration with the VA, the VFW, the Vet Hunters Project, and several local nonprofit agencies, we will offer a rich array of supportive services to help these heroes and heroines thrive."
U.S. Bank is nationally recognized top corporate sponsor of the military and military families. Now in its fifth year, U.S. Bank's Proud to Serve military program focuses on hiring and supporting veterans, employees who are veterans and their families.
About Mercy Housing Inc.
Mercy Housing, a national not-for-profit affordable housing organization headquartered in Denver, has a presence in 43 states, serves more than 139,300 people on any given day and has participated in the development, financing or operation of 41,700 homes. Mercy Housing serves families, seniors and people with special needs (formerly homeless, people with HIV/AIDS and the developmentally disabled).
Mercy Housing California is the largest regional division of Mercy Housing. Since 1987, Mercy Housing California has developed 125 properties across 36 counties in California serving low income working families, seniors, formerly homeless individuals and people with disabilities. To date Mercy Housing has developed 10,654 affordable homes in California. With offices in Los Angeles, San Francisco and West Sacramento, Mercy Housing California offers affordable housing to more than 23,000 people. For more information about Mercy Housing, please visit mercyhousing.org.
About New Directions
Since 1992, New Directions has provided comprehensive services to thousands of veterans in Los Angeles County. More than 600 men and women seek assistance from the agency each year. The agency offers round-the-clock care at five different residential treatment centers. With assistance from the agency Veterans leave New Directions with a savings account, housing, a job or other income, computer skills, renewed self-confidence and the support of mentors and peers. Visit New Directions on the web at newdirectionsinc.org.
About U.S. Bancorp Community Development Corporation
U.S. Bank is a recognized leader in financing a variety of community development initiatives using state and federally sponsored tax credit programs. U.S. Bancorp Community Development Corporation, the tax credit investment subsidiary of U.S. Bank, provides innovative financing solutions for community development projects across the country using state and federally sponsored tax credit programs. USBCDC's commitments provide capital investment to areas that need it the most and have contributed to the creation of new jobs, the rehabilitation of historic buildings, the construction of needed affordable and market-rate homes, the development of renewable energy facilities, and the generation of commercial economic activity in underserved communities. Visit USBCDC on the web at usbank.com/cdc.
About U.S. Bancorp
U.S. Bancorp (NYS: USB) , with $352 billion in assets as of Sept. 30, 2012, is the parent company of U.S. Bank National Association, the 5th largest commercial bank in the United States. The Company operates 3,086 banking offices in 25 states and 5,080 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at usbank.com.
Teri Charest, 612-303-0732
U.S. Bank Corporate Public Relations
KEYWORDS: United States North America California Minnesota
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