After securing the financing, Meta Housing acquired the three properties and transformed them into the first successful communities to fully implement its life-enhancing programs for residents.
To create and implement these programs, Meta Housing enlisted aging expert Tim Carpenter, who assisted the company in creating programs which would give residents the opportunity to continue to grow intellectually, creatively and emotionally. Carpenter has since created a nonprofit company called EngAGE in order to provide these life-enhancing services to seniors throughout Southern California.
In addition to the unique concept behind their rehabilitation, these three projects also marked a financial milestone for Meta Housing Corporation.
In 2002, Meta Housing sold the three properties, and invented a new, creative way to finance the transaction. Meta utilized the concept of no-floater bonds (i.e. those with rates that are dependent on the profitability of a property), fluctuating in accordance with these numbers on every given day.
Meta Housing’s invention of this new financing solution further demonstrated its strength, both in project development and in financial foundations, to financiers.