Meta Housing Corp. Begins Affordable Development in LA
The project will add 56 units of permanent supportive housing for individuals experiencing homelessness
The pandemic’s impact on the multifamily market is still bearing out, but demand hasn’t ceased amid an acute homelessness crisis and housing shortage in Southern California.
A joint venture of Los Angeles-based developers, Meta Housing Corporation and LA Family Housing, has broken ground on a $30 million project named Silva Crossing. The project at 12667 San Fernando Road in the Sylmar neighborhood — the northernmost part of L.A. in the San Fernando Valley — will add 56 units of permanent supportive housing for individuals experiencing homelessness.
The project is expected to be complete in July 2022, and will help address the ongoing need for permanent supportive housing, said Kasey Burke, president of Meta Housing.
“There is a demonstrated shortage of housing for persons who are experiencing homelessness in Los Angeles,” Burke said in a statement. “Silva Crossing will provide these individuals with a safe and stable living environment while offering case management and other supportive services that are so greatly needed in this region.”
At 47,800 square feet, Silva Crossing will include 53 studios sized at 400 square feet, and three one-bedroom units with about 550 square feet, as well as ground-floor retail. Y&M Architects designed the project. KPRS is the contractor.
According to Allen Matkins Leck Gamble Mallory & Natsis’ 2021 forecast survey, the pandemic changed the nature of the demand for apartments — both geographically and in their footprint. But multifamily development is still expected to grow in California as the economy rebounds and housing demand grows again.
In August 2020, Sussex Capital Group acquired a 97-unit property nearby in the San Fernando Valley for $26.4 million. Hill Street Realty paid $27.1 million for the Bechir Apartments in the small neighborhood of Tarzana on the west side of the San Fernando Valley. And, in November, Raintree Partners acquired a large multifamily portfolio for $142 million, and it included two properties in the San Fernando Valley.
Millions of California renters are behind on payments due to the pandemic. One month ago, the state’s lawmakers extended the eviction moratorium through June 30, launched a rent relief program, and also started providing $600 stimulus payments to low-income California residents.
Housing will again be a top issue for state lawmakers this year. Proposals for 2021 so far include a bill that would require governments to develop plans to reduce homelessness by 90 percent from their current levels before 2030. Gov. Gavin Newsom also proposed $750 million in his budget to extend the state’s Project Homekey program for the acquisition and conversion of hotel and other properties for providing permanent supportive and affordable housing.