Meta Housing worked closely with the master developers and the City of Lake Forest to secure tax credits and tax-exempt bonds in order to bring the project to fruition.
A 100% affordable project, construction on Arroyo at Baker Ranch was completed in the first quarter of 2015. The community, which offers one-, two- and three-bedroom floor plans, also features a large community center, swimming pool, outdoor play area, on-site laundry and a business center.
Construction financing for the project was provided by JP Morgan Chase, and Cornerstone provided permanent financing. Red Stone Equity served as the tax credit investor for the project, which was funded with 4% tax credits, as well as tax-exempt bonds.