Pasadena Bank Puts Up $37.3 Million Investment for Low-to-Moderate Income Apartment Block in L.A.

CIT and its Pasadena-based banking subsidiary CIT Bank have invested $37.3 million in the Jordan Downs Apartments Project, a 92-unit multifamily complex to support low-to-moderate income families in the Watts neighborhood of Los Angeles, a company statement said.

Jordan Downs is the third phase of a larger redevelopment project designed to improve the Watts neighborhood. The complex will include 23 one?bedroom units, 41 two?bedroom units, 24 three?bedroom units and 4 four?bedroom units. Seventeen apartments will be designated for people with physical disabilities and hearing or visual impairments, the statement said.

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

Solk said providing essential housing that is inclusive and suits diverse needs enables local residents to improve their quality of life.

“CIT is proud to play a key role in supporting the development of this project and the overall well-being of local residents,” he said.

The project is slated for completion in early 2022. The units will be available to households earning between 30 and 80 percent of the area’s median income.

CIT said it anticipates making further investments in the Watts community later this year, including the possibility of opening a new branch in the area.