A prolific developer of subsidized affordable housing may be taking over a large apartment complex approved in the North Hills community.

In 2017, developer Metro Investments received entitlements from the City of Los Angeles to construct a six-story building at 8811 N. Sepulveda Boulevard featuring 324 market-rate apartments and 44-units of very low-income affordable housing. More than two years later, the 4.5-acre project site has been cleared of buildings, but construction of the new housing has yet to begin.

According to a motion introduced yesterday by City Councilmember Nury Martinez, Meta Housing Corporation is seeking to acquire the property for the purpose of developing it a 356-unit affordable rental housing complex. The motion, which is to be considered at an upcoming meeting of the City Council, would authorize the California Public Finance Authority to issue $135 million in revenue bonds to Meta Housing to cover project costs.

The developer intends to obtain financing for the project through low-income housing tax credits and tax-exempt bonds.

Meta Housing ranks among the most significant builders of supportive and low-income rental developments in the City of Los Angeles, and has proposed ground-up projects in other San Fernando Valley neighborhoods including Canoga Park, Sun Valley, and Sylmar.

Interested in finding affordable housing? Visit housing.lacity.org.