Recently honored with Abode’s People Impact Equity Award at its 55th anniversary celebration, Impact Finance has been lending and investing with Abode since 2008. Additionally, Abode received a Community Possible grant through the U.S. Bank Foundation in 2022, which was used in part to support the construction of Adams Terrace. Adams Terrace consists of two four‐story buildings and includes parking as well as community rooms, onsite laundry, outdoor courtyards, onsite resident and supportive services as well as onsite property management.
U.S. Bank senior leadership, including Greg Cunningham and Zack Boyers, recently visited with Abode Communities staff.
“Adams Terrace is another shining example of our partnership with U.S. Bank,” said President & CEO of Abode Communities, Holly Benson. “They are a reliable, trustworthy partner, and share Abode Communities’ desire to create equitable housing opportunity for all.”
For pop culture enthusiasts, there is a tie to West Adams and the recently released “Lessons in Chemistry,” a 2023 AppleTV+ series adapted from the book written by Bonnie Garmus. The series highlights character Harriet Sloane, a neighbor to main character Elizabeth Zott. As explained in this LA Times story which highlights the differences between the book and the series, Sloane actively pursues stopping the construction of the Santa Monica Freeway through their predominately Black neighborhood. The storyline is inspired by historical 1960 events and the decline of the Sugar Hill district within West Adams because of freeway construction through what was once a thriving community.
Just 11 miles south of West Adams in Los Angeles’ Watts community, Impact Finance made a $40 million equity investment and provided a $54.5 million construction loan to BRIDGE Housing’s Jordan Downs, a 1950s-era public housing development that also experienced civil unrest in 1965 and 1992. First opened in May 1944, the complex was initially developed as semi-permanent housing during World War II for war workers.
Jordan Downs Phase 3B will offer 107 apartments to low-to-moderate income families. Property amenities will include a leasing office, community room and ample outdoor areas. The property is adjacent to a new transit stop at the Jordan Downs Plaza retail center and is near a medical clinic, pharmacy, schools, library, and more. Additionally, residents will have access to a broad array of services, such as rental assistance, food distribution, and wellness activities. It is anticipated to complete construction in the Summer of 2025. Watch this brief video to learn more about this redevelopment project.
"BRIDGE deeply values our longstanding partnership with U.S. Bank and their commitment to the people and communities we serve," said BRIDGE Housing President and CEO Ken Lombard. "In keeping with our mission, Jordan Downs Phase 3B goes beyond housing to provide the retail, transit, educational opportunities and jobs that lift neighborhoods. We're proud to team up on this innovative development that will benefit future generations."
The U.S. Bank Foundation has also supported BRIDGE through Community Possible grants to expand and preserve affordable housing for low-to-moderate income residents in California.
“Our commitment in Los Angeles and across the state is of significant importance to us,” said Boyers. “We look forward to more great things to come.”
Equal Housing Lender