Western Alliance Bank announced the grand opening of Danny’s Home for Heroes, a new 35-unit affordable housing development in Quartz Hill, California, created to support homeless and formerly homeless veterans and their families.
The project was financed through $20.9 million in tax-exempt and taxable construction-to-permanent bonds provided by the bank’s Affordable Housing Investments Group, in partnership with R4 Capital Funding.
Located at 4856 West Avenue L-14, the three-story complex offers 735-square-foot furnished one-bedroom apartments restricted to residents earning 30% to 50% of the area median income.
“Western Alliance Bank has a significant presence in Los Angeles County, and we are a leading source of financing for affordable housing projects in Southern California,” said Philipp Smaczny, managing director of Affordable Housing Investments. “We are proud to assist Danny’s Home for Heroes in offering a safe and welcoming environment that supports veterans to maintain stable housing and build their futures.”
An additional $15.5 million was raised through federal and state Low-Income Housing Tax Credits and solar tax credits from R4 Capital. The units are covered under a 20-year HUD-Veterans Affairs Supportive Housing (HUD-VASH) contract through the Los Angeles Community Development Authority and the Department of Veterans Affairs.
The site includes a manager’s unit and on-site services such as counseling and job training to support residents’ transition into civilian life.
