EL MONTE, Calif.--(BUSINESS WIRE)--Jan. 8, 2013--
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
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
“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
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
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 (NYSE: 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.
Source: U.S. Bank
Teri Charest, 612-303-0732
U.S. Bank Corporate