CRA Launches $50 Million SRO Grab
Agency Would Buy and Hand Over Seven Low-Income Hotels to Local Providers
by Evan George
LA Downtown News
September 3, 2007
The Community Redevelopment Agency has begun a low-profile but sweeping plan that would use more than $50 million to buy seven dilapidated low-income hotels and put them in the hands of experienced operators. It would transform more than 1,300 rooms, making it one of the biggest moves in low-income housing in decades.
On Aug. 23, at a little-publicized special meeting, the CRA Board of Commissioners approved the plan aimed at loaning city grant money to local nonprofits to help them buy, and eventually rehabilitate, some of the most affordable and shabbily maintained residences on Skid Row.
Those projects, deemed by city officials to be crucial in battling homelessness, would otherwise be difficult to acquire for cash-strapped housing providers, backers said.
The unusual move, which still requires City Council approval, targets seven hotels, many of them single room occupancy buildings: the Ford, the Leland, the King Edward, the Baltimore, the Madison, the Rosslyn and the Huntington. The latter is one of the most crime-plagued buildings in Downtown Los Angeles, according to the LAPD.
Read the full article over here.
by Evan George
LA Downtown News
September 3, 2007
The Community Redevelopment Agency has begun a low-profile but sweeping plan that would use more than $50 million to buy seven dilapidated low-income hotels and put them in the hands of experienced operators. It would transform more than 1,300 rooms, making it one of the biggest moves in low-income housing in decades.
On Aug. 23, at a little-publicized special meeting, the CRA Board of Commissioners approved the plan aimed at loaning city grant money to local nonprofits to help them buy, and eventually rehabilitate, some of the most affordable and shabbily maintained residences on Skid Row.
Those projects, deemed by city officials to be crucial in battling homelessness, would otherwise be difficult to acquire for cash-strapped housing providers, backers said.
The unusual move, which still requires City Council approval, targets seven hotels, many of them single room occupancy buildings: the Ford, the Leland, the King Edward, the Baltimore, the Madison, the Rosslyn and the Huntington. The latter is one of the most crime-plagued buildings in Downtown Los Angeles, according to the LAPD.
Read the full article over here.
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