Housing affordability is a mounting concern in Los Angeles, a market where the average home value is over $900,000 yet median household income is under $70,000. The ability to own a home or rent an apartment has become increasingly difficult for those in L.A.’s lower income brackets, creating a rising demand for affordable housing units in the market.
This combination of factors is why developers like Meta Housing are partnering with community lenders to provide quality, attractive, and safe affordable housing communities in the Los Angeles market. One example is Lucena on Court, a 46-unit affordable family housing development currently under construction in the Historic Filipinotown community of L.A.’s Echo Park neighborhood. The project is the result of a partnership between Meta Housing and The Foundation for Affordable Housing, Search to Involve Pilipino Americans (SIPA), Los Angeles Housing Department, California Tax Credit Allocation Committee, Capital One, Westport Construction, California Community Reinvestment Corporation, WSH Management, and Y&M Architects.
“Housing unaffordability is one of the most critical issues facing the Los Angeles market today,” says Kasey Burke, President of Meta Housing. “As a developer in this market, we are proud to partner with local community lenders who recognize the growing need for affordable housing units in L.A. Together, we can provide projects like Lucena on Court for the many individuals and families who may be struggling to attain a home in this part of California.”
Once completed, Lucena on Court will consist of a five-story building featuring an array of amenities to promote a safe environment and encourage a sense of community, belonging, and engagement among residents. These amenities include a tot lot, a learning center, a manager and social service offices, and a ground-floor community center managed by local non-profit SIPA.
Lucena on Court, slated to be completed by the fourth quarter of 2023, was recently featured in an article in the Los Angeles Business Journal about the renaissance of Echo Park over the past decade.