From the Weingart Center's press release:
Construction of a 278-unit, 19-story permanent supportive housing high-rise was celebrated at a ceremony today at 555 S. Crocker Street in the Skid Row district of downtown Los Angeles.
Replacing a surface parking lot on .41 acres near Sixth and San Pedro streets, Weingart Tower is the first stage of a multi-phase approach to providing Permanent Supportive Housing for individuals experiencing homelessness in Los Angeles County. The development features 228 studio apartments, forty-seven one-bedroom apartments, and three one-bedroom apartments for fulltime onsite managers.
Weingart Tower is a collaboration between the Weingart Center, a Los Angeles-based 501(c)(3) nonprofit agency that provides supportive services to homeless individuals; and Chelsea Investment Corporation, one of the nation’s leading developers of affordable housing.
“We are eager to see how this development will not only change the landscape of Downtown Los Angeles, but more importantly, how it will impact the lives of so many individuals experiencing homelessness,” said Emilio Salas, Los Angeles County Development Authority (LACDA) Executive Director. “Our partnership with the Weingart Center, Chelsea Investment Corporation, and other committed partners will bring a multi-phase approach to providing affordable housing and supportive services to County residents.”
Financing for the development includes construction and permanent loans provided by Pacific Western Bank, tax credit equity invested by The Richman Group, HHH funds from the Los Angeles Housing + Community Investment Department, No Place Like Home funds administered by LACDA, Affordable Housing and Sustainable Communities funding, and Multifamily Housing Program funding administered by the California Department of Housing and Community Development.
“The Housing Authority of the City of Los Angeles is pleased to partner with the Weingart Center Association and Chelsea Investment Corporation as we continue to build and provide affordable housing solutions,” said HACLA President and CEO Doug Guthrie. “The groundbreaking of Weingart Tower A is significant to HACLA, marking our largest Permanent Supportive Housing-Project Based Voucher development, and we remain very excited and optimistic for what’s to come.”