LOS ANGELES (CNS) - The city of Los Angeles celebrated the grand opening of the Dolores Huerta Apartments today, the first completed permanent supportive housing building funded by the $185 million SDS Supportive Housing Fund.
Civil rights leader Dolores Huerta, Los Angeles Mayor Karen Bass, Councilman Curren Price and Veronica Lewis, executive director of Homeless Outreach Program Integrated Care Systems joined Deborah La Franchi, CEO and founder of SDS Capital Group, for the unveiling of the building. The 40-unit permanent supportive housing project at 5215 S. Figueroa St. was built with a $6.6 million investment from the SDS Supporive Housing Fund.
``In order to confront the homelessness crisis head-on and see results, we must build more housing -- that's why today's opening is so important. I am honored to participate in today's event and to work with leaders like Dolores Huerta, one of the most important and accomplished champions for justice in this country, to bring a new day to our city,'' Bass said in a statement.
``Thank you to SDS Capital Group, RMG Housing and all of our partners who have worked to make this opening possible. Together, we will bring an end to this crisis." The Supportive Housing Fund aims to more quickly finance and construct permanent supportive housing through a private equity model. The fund has financed 10 permanent supportive projects, eight of which are being developed in Los Angeles. The Dolores Huerta Apartments is the first to be completed and ready for tenant occupancy. La Franchi announced the SDS recently opened the fund to investors and over the past 60 days, which resulted in an additional $35 million from investors to increase fund capitalization to $185 million.
``Every Angeleno deserves to live in a home they call their own,'' La Franchi said in a statement. ``Today, we are prepared to welcome 39 formerly unhoused Angelenos to their new home by brining this project into fruition.'' Each studio unit at the Dolores Huerta Apartments includes a private living area, bedroom, kitchen and bathroom. This building includes a community room, outdoor eating area, atrium, onsite laundry service and bike racks and is located along a transportation corridor to provide easy access to jobs.
``Since coming to office, I have been firmly committed to supporting the building of housing for the most vulnerable residents in my district,'' Price said in a statement. He applauded the partnership between the city, SDS Capital and RMG Housing, calling it an ``exemplary'' public and private sector collaboration. The Dolores Huerta Apartments helps satisfy a recent federal court mandate requiring the city to facilitate housing for individuals living near dangerous freeway conditions.