LOS ANGELES, CA – The Core Companies has started construction on the second and final phase of a permanent supportive housing development for homeless and disabled Veterans in West Los Angeles. In total, MacArthur Field will add 148 homes on the West Los Angeles VA Medical Center’s North Campus and offer supportive services and amenities for our nation’s heroes.
“The Core Companies is grateful to be able to provide critically needed housing and support for our most vulnerable populations, including those who valiantly served our country,” said Chris Neale, President of The Core Companies. “Thank you to our partners for helping us reach this milestone. We look forward to welcoming residents when construction is complete.”
Phase A of the development, which will provide 74 homes for Veterans, broke ground in January 2023 and is slated for completion by August 2024, with Phase B estimated for completion in August 2025.
MacArthur Field is part of a larger master plan initiative led by The Veterans Collective and U.S. Department of Veterans Affairs to create the country’s largest supportive housing development for Veterans. Once complete, the master plan will provide housing for up to 1,200 formerly homeless and at-risk Veterans and their families, as well as supportive services, a vibrant town center, and world-class medical care within arm’s reach. In this first-of-its-kind community, Veterans will have the housing, amenities and support they’ve earned through their heroic service to this nation.
“Ending Veteran homelessness is among VA’s top priorities, and we are making significant progress. Across the country, VA exceeded its 2023 goal by housing more than 38,000 Veterans so far this year. In Los Angeles our permanent housing placements are up by one-third compared to last year,” said Robert Merchant, Interim Medical Center Director, VAGLAHS. “And we’re not stopping there. We’ve committed more than $140 million to improving infrastructure at the West LA VA Medical Center over the last three years and have dedicated funding to continue preparing the campus and its facilities for more housing construction. We will not rest until every Veteran has a safe place to call home.”
“Serving those who have served this country is why we do this work. This partnership with The Core Companies and the development of 148 homes, will add to the VA’s goal for a vibrant community that Veterans and their families can call home,” said Brett Simms, Executive Director of VA’s Office of Asset Enterprise Management.
Phase B of the project is funded by tax credits and bonds from the State of California, funds from the California Department of Housing & Community (HCD), construction financing through BMO, and permanent financing from the California Community Reinvestment Corporation. Phase A is funded through tax credits and bonds from the State of California, construction financing through US Bank, and additional funds from the Veterans Affairs Department, HCD, and AB 128. MacArthur Field has also received funding through grants from the Home Depot Foundation, Citi Community Development, the MetLife Foundation, and Northrop Grumman, with financial assistance from National Equity Fund.
“Working with Core Companies has been a dream collaboration and a wonderful opportunity to work closely with partners who share in our vision that all individuals and families have access to stable, safe, and affordable homes,” says Debbie Burkart, Managing Director of Supportive Housing at National Equity Fund. “This is NEF’s third veterans-focused supportive housing development in partnership with The Core Companies, and we are constantly impressed with their passion and dedication to helping vulnerable and often neglected communities. Through the years, we have been able to work in tandem and ensure that veterans experiencing homelessness and those with disabilities can feel empowered to live life to their fullest potential.”
Project amenities include a community garden, dog park, gym, walking paths, and business center.
“The work that Core Companies is doing to help support the Veteran community in Los Angeles is incredibly important and BMO is proud to contribute to their efforts,” said James West, Director of Community Capital Solutions at BMO Commercial Bank. “Our construction loan marks the Community Capital Solutions team’s first closing in California and is a strong reflection of BMO’s commitment to supporting the U.S. Veteran community and always striving to fulfill our Purpose to Boldly Grow the Good in business and life.”
About The Core Companies
Established in 1989, The Core Companies is a vertically integrated real estate development and construction firm. Core’s mission is to create vibrant new home communities at all levels of affordability in transit-, job- and recreation-friendly locations throughout the San Francisco Bay Area, with a focus on enhancing the quality of life for our residents and continuing to play a positive role in the fabric of the neighborhoods we create. In addition to developing and constructing its own projects, Core also offers third-party pre-development, development management, and construction services.
