At a time when Los Angeles’ housing crisis is a national tragedy and the demand for affordable housing remains unabated, Decro is identifying and pursuing new methods of structuring affordable housing deals. We are currently leveraging our capital resources and business relationships, and applying both to take advantage of new financing opportunities.
Decro was one of the first 20 developers to receive City Council approval for an $11.3 million loan from the City of Los Angeles’ Proposition HHH Permanent Supportive Housing Loan Program for the construction of a 64-unit affordable multi-family development with 42 permanent supportive housing units in the Historic Filipinotown community. In addition, Enterprise Community Loan Fund has provided an acquisition and development loan for the construction.
In today’s intensely competitive environment for development resources, Decro is aggressively seeking new financing programs like the City of Los Angeles’ Affordable Housing Linkage Fee Ordinance as well as Proposition 1 and 2 funds, if approved by California voters in November. In addition, we are building new business relationships with community-based organizations and non-traditional lenders like Enterprise, the Local Initiatives Support Corporation, Corporation for Supportive Housing and tax credit investors, who can contribute the capital and vision to Decro that will bring the people and resources together to create innovative affordable housing developments.