Political and community leaders on Thursday celebrated the opening of the Dolores Huerta Apartments, the first fully permanent supportive housing building funded by the $185 million SDS Supportive Housing Fund.
Civil rights leader Dolores Huerta, Los Angeles Mayor Karen Bass, board member Curren Price and Veronica Lewis, CEO of Homeless Outreach Program Integrated Care Systems joined Deborah La Franchi, CEO and Founder of SDS Capital Group, for the inauguration of the building.
The 40-unit permanent supportive housing project, located at 5215 S. Figueroa St., was built with a $6.6 million investment from the SDS Supportive Housing Fund.
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“To tackle the homelessness crisis head-on and see results, we need to build more homes, which is why today’s opening is so important. I am honored to be part of today’s event and to work with leaders like Dolores Huerta, one of this country’s leading and accomplished advocates for justice, to bring a new day to our city.” Bass said in a statement.
“Thank you to SDS Capital Group, RMG Housing and all our partners who have worked to make this opening possible. Together, we will end this crisis.”
The Supportive Housing Fund aims to fund and build permanent supportive housing faster through a private equity model.
The fund has financed 10 permanent support projects, eight of which are under construction in Los Angeles. The Dolores Huerta apartments are the first to be completed and ready for tenant occupancy.
La Franchi announced that SDS recently opened the fund to investors and in the past 60 days has raised an additional $35 million from investors to increase the capitalization of the fund to $185 million.
“All Angelenos deserve to live in a home where they can belong,” La Franchi said in a statement. “Today we are ready to welcome 39 previously homeless Angelenos into their new home making this project a reality.”
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Each studio at Dolores Huerta Apartments includes a private living room, bedroom, kitchen and bathroom.
The building includes a community hall, outdoor dining area, atrium, on-site laundry and bike racks, and is located along a transportation corridor for easy access to jobs.
“Since taking office, I have made a strong commitment to supporting the construction of housing for the most vulnerable residents of my neighborhood,” Price said in a statement.
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He hailed the partnership between the city, SDS Capital and RMG Housing, calling it an “exemplary” collaboration between the public and private sectors.
The Dolores Huerta Apartments are helping satisfy a recent federal court order requiring the city to provide housing for people living near unsafe freeway conditions.