Skid Row Hotel Becomes Upgraded Apartments - Novogradac

Skid Row Hotel Becomes Upgraded Apartments - Novogradac

Low-Income Housing Tax Credit Showcase Skid Row Hotel Becomes Upgraded Apartments LOS ANGELES, CALIF. LEAD DEVELOPER 6 SRO HOUSING CONGRESSIONAL DI...

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Low-Income Housing Tax Credit Showcase

Skid Row Hotel Becomes Upgraded Apartments LOS ANGELES, CALIF. LEAD DEVELOPER

6

SRO HOUSING CONGRESSIONAL DISTRICT

RENTAL HOMES

CALIFORNIA 34TH

151

CATEGORY

FAMILIES, FORMERLY HOMELESS, PRESERVING EXISTING AFFORDABLE

Photos: Courtesy of SRO Housing Corporation

The content is an excerpt from the Novogradac Low Income Housing Tax Credit Showcase available at www.novoco.com/products/special_report_showcase_lihtc.php

1

Low-Income Housing Tax Credit Showcase

Skid Row Hotel Becomes Upgraded Apartments

T

hazards, while structural supports were added along with seismic upgrades. Bars were removed from the windows and doors and large windows were added. SRO Housing added a

The Ford Hotel in Los Angeles fell into such disrepair and was so dangerous by the early 2000s that residents wouldn’t enter community bathrooms alone for fear of attack. They also witnessed murders and suicides in the building, located in downtown Los Angeles’ Skid Row neighborhood. The reputation was so bad that by 2008, when Single Room Occupancy Corporation (SRO Housing) purchased the building, it was required to provide armed guards 24 hours a day.

community room, game room, library/computer room, laundry rooms and lounges on each floor, while the rental homes were doubled in size with kitchenettes and bathrooms added. There is a 24hour security system and a live-in manager. “[SRO Housing] is really

Then everything changed. SRO

to the suburbs in the last half of

working to change the face of

Housing turned the Ford Hotel into

the 20th century, those SROs fell

Skid Row in Los Angeles,” said

the Ford Apartments, a renovated,

into disrepair and buildings such

Schaffer. “This … one property is

upgraded rental housing complex,

as the Ford Hotel became known

going to provide housing for 150

available to the chronically homeless

for prostitution, drugs and violent

individuals.” That includes not only

and very low-income residents.

crime. “In recent decades, [the Ford

improved and bigger apartments,

Residents have access to on- and

Hotel] had a pretty notorious and

but services. “Services are really

off-site services, as well as public

ugly history,” said Jeff Schaffer, vice there for the residents,” said

transportation.

president and Southern California

Nelson. “We really try to provide

market leader of LIHTC investor

those additional recreational and

Enterprise Community Partners.

social services.”

“Being able to restore that hope and a sense of dignity for the people living there is really

The solution for SRO Housing

With that approach, and $12

what redeveloping and preserving

was to convert the 295 small

million in equity from LIHTCs, the

affordable housing is all about,”

units into the 151 efficiency rental

Ford Apartments has a new start. ;

said Anita Nelson, SRO Housing’s

homes. The building was gutted,

chief executive officer.

removing asbestos, lead and other

The renovation was made possible through low-income housing tax credits (LIHTCs), private equity and additional state and federal funding. LA’s Skid Row neighborhood includes about 4,000 homeless people in a 50-block area, with many single-room occupancy (SRO) hotels. As the population shifted

2

LEAD DEVELOPER

CONGRESSIONAL DISTRICT

CATEGORY

RENTAL HOMES

SRO HOUSING

FAMILIES, FORMERLY HOMELESS, PRESERVING EXISTING AFFORDABLE

CALIFORNIA 34TH 151

FINANCING

ŠŠ $18.5 million from Los Aneles County Department of Mental Health Mental Health Services Act Housing program ŠŠ $12 million in equity for federal LIHTCs ŠŠ $4.5 million from Community Redevelopment Agency of Los Angeles ŠŠ $1.5 million from Federal Home Loan Bank of San Francisco’s Affordable Housing Program ŠŠ $482,000 through California Tax Credit Allocation Committee Tax Credit Assistance program

Novogradac & Company LLP