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Legislation Details
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Type:
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Agreement
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Status:
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Agenda Ready
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On agenda:
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7/16/2026
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Final action:
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Title:
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CONSIDER:
A. AUTHORIZING the Chief Executive Officer (CEO), or designee, to negotiate and enter into a loan agreement and other related documents ("Loan Documents") with Treehouse Leimert or affiliated entity, a joint venture between Leimert PropCo LLC (Treehouse) and The Apex Collaborative LLC (collectively, "Developer"), to provide up to $25,000,000 in development financing in support of the construction of The Nathaniel, a 97-unit workforce housing development located at 4421-4437 Crenshaw Boulevard, Los Angeles, CA 90043 (the "Project");
B. AUTHORIZING the CEO, or designee, to negotiate and execute a recorded regulatory agreement establishing a Metro employee housing preference for 100% of the Project units, to be acknowledged by the senior lender; and
C. FIND that the Project is categorically exempt from CEQA pursuant to State CEQA Guidelines Section 15332 (Class 32 - Infill Development) pursuant to the findings in Attachment A.
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Indexes:
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Audit, Budgeting, California Environmental Quality Act, Central Los Angeles subregion, City of Los Angeles, Construction, Construction Support, Debt, Division 16, Downtown Los Angeles, Exclusive Negotiation Agreement, Expo/Crenshaw Station, Grand Ave Arts/Bunker Hill Station, Grand/LATTC Station, Hollywood/Highland Station, Housing, Joint development, Leimert Park, Leimert Park Station, Maintenance facilities, Metro Divisions, Metro Rail A Line, Metro Rail E Line, Metro Rail K Line, Metro Vision 2028 Plan, Partnerships, Payment, Project, Quality of life, Safety, San Fernando Valley subregion, South Bay Cities subregion, Southern California Association Of Governments, Subsidies, Surveys, Third rail, Transfer on 2nd Boarding, Transfers, Transit Oriented Community, Unsolicited Proposal Policy, West Adams, Westside Cities subregion, Workplaces, Zoning
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Meeting_Body EXECUTIVE MANAGEMENT COMMITTEE JULY 16, 2026 Subject SUBJECT: METRO WORKFORCE HOUSING Action ACTION: APPROVE RECOMMENDATION Heading RECOMMENDATION Title CONSIDER: A. AUTHORIZING the Chief Executive Officer (CEO), or designee, to negotiate and enter into a loan agreement and other related documents ("Loan Documents") with Treehouse Leimert or affiliated entity, a joint venture between Leimert PropCo LLC (Treehouse) and The Apex Collaborative LLC (collectively, "Developer"), to provide up to $25,000,000 in development financing in support of the construction of The Nathaniel, a 97-unit workforce housing development located at 4421-4437 Crenshaw Boulevard, Los Angeles, CA 90043 (the "Project"); B. AUTHORIZING the CEO, or designee, to negotiate and execute a recorded regulatory agreement establishing a Metro employee housing preference for 100% of the Project units, to be acknowledged by the senior lender; and C. FIND that the Project is categorically exempt from CEQA pursuant to State CEQA Guidelines Section 15332 (Class 32 - Infill Development) pursuant to the findings in Attachment A. Issue ISSUE In May 2025, Metro received an unsolicited proposal from Treehouse to provide a construction loan in support of The Nathaniel, a 97-unit workforce housing development located 500 feet (a 3-4-minute walk) from Metro's Leimert Park K Line Station. Treehouse proposed that in exchange for Metro's investment, 100% of the units at the Project would be subject to a recorded Metro employee housing preference, the first such preference secured by Metro at any housing development. At its January 2026 meeting, the Board approved an Exclusive Negotiation Agreement (ENA) with Treehouse. To advance the Project, staff recommends that the Board authorize the CEO to execute a loan agreement and related documents consistent with the negotiated terms described in this report and authorize a recorded regulatory agreement to secure the employee housing preferen... Click here for full text
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