Cedillo Announces Model to Save Affordable Housing

Move aims to keep seniors and residents in homes without rent increases
Los Angeles— Los Angeles City Councilmember Gil Cedillo announced an innovative partnership Thursday between Meta Housing and the development team to keep seniors and low-income residents from The Metro lofts in their homes, with the assistance of a newly created fund to
subsidize the impending rent increases for the 123 seniors living at The College Station at 129 – 135 W. College Street and 924 N. Spring Street in Chinatown
“Los Angeles is seeing the worst housing crisis to date. The lack of new housing has left too many families behind who struggle each month to keep a roof over their heads. This partnership is a tangible, immediate and effective way to ensure our most vulnerable residents in LA get to stay in their homes,” said Councilmember Gil Cedillo. “I am committed to ensuring that our seniors and low-income residents have access to safe and affordable homes. I am grateful to Meta Housing and College Station for their commitment to seeing this program through.”
“We are incredibly grateful to Councilmember Cedillo for his commitment to protecting our seniors and low income residents here at Chinatown Metro,” said John M. Huskey, Chairman and CEO of Meta Housing Corporation. “Many of our residents live on fixed-incomes. We are excited to partner with College Station to help support our most vulnerable residents by subsidizing the impending rent increase. This will provide continuity for residents who call The Metro home.”
“We applaud Councilmember Cedillo in his leadership and commitment to protecting affordable housing and low income residents, setting an example with practical and innovative solutions to address one of Los Angeles’ toughest challenges” said Jenni Harris, Senior Director – Real Estate Operations at Atlas Capital Group. “We are excited to partner with Meta Housing on this transformative resolution and play an integral part in providing quality affordable housing to seniors in the local community.”
Councilmember Cedillo sees this as a model for other at- risk affordable housing developments in his district. This is the second time he has utilized this model to save affordable housing and plans to continue using it to preserve affordability in Council District 1.

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