Decro Corporation and Innovative Housing Opportunities Receive Prop HHH Permanent Supportive Housing Loan Commitment for Firmin Court

LOS ANGELES, CA Decro Corporation and Innovative Housing Opportunities (IHO)  have been awarded one of the first of 20 funding commitments from the City of Los Angeles’ Proposition HHH Permanent Supportive Housing Loan Program for Firmin Court, a 64 -unit affordable housing development in Los Angeles with 42 permanent supportive housing (PSH) units.  Proposition HHH is the ballot initiative approved by Los Angeles voters in November 2016 and authorizes $1.2 billion in bond money to pay for homeless housing over10 years.

Located just west of the 110 Freeway and south of the 101 Freeway in Los Angeles, the proposed seven-story development will be home to  qualified residents earning 30%  to 60% of Area Median Income (AMI.)  The development will include twenty-eight, studio apartments, seventeen, 1-bedroom apartments, fifteen, 2-bedroom apartments and four, 3-bedroom apartments. The building amenities will include a 1,500 square foot community room for residents, outdoor courtyards, a seventh floor sky deck, laundry facilities, a bicycle kitchen and bicycle storage for 51 bicycles, on-site parking, and social service/management offices and conference room.  The on-site social service provider will be St. Joseph Center, headquartered in Venice.

Innovative Housing Opportunities (IHO), a nonprofit developer serving low to moderate-income households for more than 40 years, will be co-managing general partner. The architect is the Dahlin Group and the general contractor will be Walton Construction Services.

Mayor Eric Garcetti and the Los Angeles City Council have given the approval for an early funding commitment by the Housing + Community Investment Department of Los Angeles for a residual receipt loan funded by Prop HHH in the amount of $11.34 million.  Enterprise Community Loan Fund has provided an acquisition and pre-development loan of $3.1 million. Decro is submitting an application to the California Debt Limit Allocation for an allocation of approximately $18.5 million in tax-exempt bonds and an award of 4% Low-Income Housing Tax Credits from the California Tax Credit Allocation Committee. Rose Community Capital Corporation has preliminarily committed to provide permanent financing for the project with an FHA-insured loan under HUD’s 221(d)(4) program.

Decro anticipates that construction will start in early 2019 with completion slated for fall 2020.

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