May 21, 2020 Comments Off on CIT Provides $37M Investment for L.A.’s Jordan Downs Redev Views: 489 California News, Los Angeles

CIT Provides $37M Investment for L.A.’s Jordan Downs Redev

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CIT and its Pasadena-based banking subsidiary CIT Bank, N.A., made a $37.3 million investment in the Jordan Downs Apartments Project, a 92-unit multifamily apartment complex, to support low-to-moderate income families in the Watts neighborhood of Los Angeles. Jordan Downs is the third phase of a larger redevelopment project taking place to improve the area.

CIT’s Steve Solk says, “During these challenging times, our communities need affordable housing more than ever. Our financial commitment to the Jordan Downs Apartment Project will help break down barriers and spark transformative change across the Watts neighborhood.”

The project is currently slated for completion in early 2022, and units will be available to households earning between 30% and 80% of the area’s median income. Of the 92 units, the complex will include 23 one‐bedrooms, 41 two‐bedrooms, 24 three‐bedrooms and 4 four‐bedrooms. Seventeen apartments will be designated for residents with physical disabilities and hearing or visual impairments.

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