Clearinghouse CDFI (CCDFI) provided $7,600,000 in refinancing to 1318 Maryland, LLC for improvements to an affordable rental property in a severely distressed area of Los Angeles, CA.
The subject property is a three-story apartment building with 29-units of affordable housing with 100% occupancy. Over a 4-year span, 1318 Maryland, LLC has made over $8M in upgrades to the property. These improvements included new electrical, plumbing, appliances, roof, and more. Financing provided by CCDFI will allow 1318 Maryland to pay back a portion of loans taken out for the improvements.
The 1318 Maryland property is located in a low-income area of Los Angeles. Rent for this property is made affordable to residents with earnings below 80% Area Median Income. This newly updated housing provides safe and affordable homes for 29 families in this disadvantaged neighborhood.
Read the full story here: Just Funded – 1318 Maryland