Local officials gathered recently in South Los Angeles, including Mayor Eric Garcetti, Councilmember Curren Price, Jr., and Supervisor Mark Ridley-Thomas, as well as community leaders, to break ground on the $32 million RISE Apartments located at 4050 South Figueroa St.
The new permanent supportive housing community will provide much-needed housing for homeless veterans and other homeless individuals earning 30 to 50 percent of the area median income (AMI) who are transitioning into a supportive housing community.
The five-story structure will have one level of subterranean parking and features 56 studio units and one one-bedroom manager’s unit. In designing the community, special elements were taken into account to address livability, comfort, and safety of the residents, as well as the long-term management of the building.
Units will be fully furnished and include a kitchenette with refrigerator, cooktop, and microwave. Community amenities will include a community room, a residential courtyard, roof terraces, bike storage, covered parking, onsite management, and laundry facilities. The building will also provide three supportive services/case management offices to be located on the fourth and fifth floors.
In addition to the residential community, there will be 3,400 square feet of community commercial office space. This space will be designated for a community serving non-profit, RISE Financial Pathways, which is dedicated to serving low-income clients by providing training that improves the financial standing of individuals, launches and sustains small businesses, and strengthens neighborhoods.
Financing included a preliminary reservation of four percent of Low Income Housing Tax Credits in the amount of $917,604 annually over a 10-year period from the California Tax Credit Allocation Committee (“CTCAC”) which is paired with $16.2MM in Tax Exempt Bonds from the California Debt Limit Allocation Committee (CDLAC). Also, $9.5 million in Proposition HHH funding and $2.5 million of the city’s Low and Moderate Income Housing Fund (“LMIHF”) have been allocated.
“Everyone in our city deserves safe housing — and we’re going to keep accelerating our drive to get people off the streets and under a roof,” Garcetti said. “We are starting a new chapter in Expo Park, and I’m proud to that our community is coming together to provide homes, dignity, and a new start to Angelenos in desperate need.”
“This is another giant step in the city’s effort to eliminate homelessness and ensure our most vulnerable people have a shot at living a life of dignity and respect,” Price stated. “RISE Apartments offer hope, opportunities and new beginnings; and the fortunate individuals that will one day call RISE their home can and will prosper! I wholeheartedly believe that Permanent Supportive Housing (PSH) is the answer, which is why to date I’ve authorized the construction of nearly 500 PSH units in the Ninth District alone.”
“We are grateful to the men and women who have bravely served our country, and consider it our duty to ensure veterans have access to decent affordable housing and supportive services,” Ridley-Thomas added. “I salute RISE Apartments for helping veterans rise out of homelessness.”