LOS ANGELES (CNS) – Affordable housing developer Decro said on Wednesday it has raised $ 110 million in private and public funding to build three affordable housing projects in Los Angeles.
What would you like to know
- In November 2016, voters passed the HHH proposal to use $ 1.2 billion to build 10,000 units for homeless Angelenos, with the goal of more than tripling the annual production of supportive housing in Los Angeles.
- The three planned developments are Brine Residential, McDaniel House and NoHo 5050
- Three more projects are currently under construction by Decro, with a total of 138 units in the pipeline
- Decro owns over 1,000 affordable housing units in California and Florida
“Decro has taken this step by mobilizing public funding such as the HHH Proposition and No Place Like Home funds, as well as by raising private debt as well as equity from the syndication of federal and state tax credits for the low-income housing, ”said Decro CEO Ted Handel.
In November 2016, voters passed the HHH proposal to use $ 1.2 billion to build 10,000 units for homeless Angelenos, with the goal of more than tripling the annual production of supportive housing in Los Angeles. The statewide No Place Like Home program came into effect in 2016 to provide up to $ 2 billion in bond products to invest in permanent supportive housing.
The three planned developments are Brine Residential, McDaniel House and NoHo 5050.
The $ 61.6 million Brine Residential will have 976 units on a 97,000 square foot campus at the former A-1 Eastern Homemade Pickle Company site in Lincoln Heights. Residents will receive housing, food, health care and childcare services. The project is publicly funded by Proposal HHH and No Place Like Home dollars, as well as loans from Citibank. He also receives the Equity Low Income Housing Tax Credit from Red Stone Equity Partners.
The $ 23.9 million McDaniel House will consist of 47 units in a modular construction building in Koreatown. It is named after the late Hattie McDaniel, the first black actor to win an Oscar. The development, which will include community spaces and case management offices, is funded by the HHH proposal, as well as standing loans from Citibank and low-rental housing tax credits from R4 Capital. It is built in partnership with Daylight Community Development and Angelino Supportive Housing Partners.
The $ 24 million NoHo 5050 will provide 40 units in North Hollywood, along with community space and areas for case managers. It is funded by the HHH Proposal and No Place Like Home dollars, with construction and permanent loans from KeyBank, a federal low-income housing tax credit from R3ed Stone Equity, and a tax credit for low-income housing in California from Sugar Creek Capital.
“Housing alone will not guarantee a successful transition to permanent housing. The availability of support services within these projects is essential, ”said Handel. “For this reason, Decro is proud to partner with the VIP Community Mental Health Center at Brine Residential, The People Concern at McDaniel House and Downtown Women’s Center at NoHo 5050 to provide residents with easy access to case management and healthcare. ‘other resources on site. “
Three more projects are currently under construction by Decro, with a total of 138 units in the pipeline, and a fourth project with 46 units is about to begin construction. Decro owns more than 1,000 affordable housing units in California and Florida.