The FHLB awarded $705,000 for the development, which is designed as a haven for retired entertainers, artists and other area seniors. Burbank-based Western Security Bank sponsored the grant application along with the project's development partners, Meta Housing Corp. and Western Services Foundation.

Meta Housing is a Southland-based builder of affordable senior housing communities. Western Services is a nonprofit provider of on-site services to residents of such complexes.

The FHLB grant is "the keystone to our overall financing package, because it will encourage other agencies to approve different elements of the financing still under review," says John Huskey, Meta Housing's president.

Huskey says plans for the $18-million "Senior Artists Colony," at the corner of San Fernando Road and Verdugo Avenue, have already been approved by the Burbank City Council. The council also approved a $3.25-million subsidy from the local redevelopment agency.

The project would include art studios, video editing equipment, performance spaces, a theater and screening room. It would also have a computer and media arts room, as well as a library.

Despite the themed concept, Huskey says the development will be open to anyone 62 or older who meets state income requirements to qualify for affordable housing.