Recent News

LA’s affordable housing projects struggle in face of new Trump policies

May 16, 2017

Los Angeles housing officials are urging the City Council to throw a lifeline to affordable housing projects seeking to survive under the Trump administration.

Council members are scheduled to vote Wednesday on whether to allocate $5 million to three affordable housing developments from the Hollywood Community Housing Corp., which saw funding fall after the election.

For months, L.A.’s affordable housing developers have been fretting about projects penciling out because they depend on federal Low-Income Housing Tax Credits. That’s the program where developers sell tax credits to corporate investors who want a break on their tax bill.

Victoria Senna, housing director Hollywood Community Housing Corp. said its projects  – two in South L.A., one in Hollywood — developed funding shortfalls because the tax credits are selling for less than they anticipated.

"We take a big hit as affordable housing developers because that is the biggest source of funds that come into our project," Senna said.

Read more here.

Ground broken for Paul Williams apartment complex

May 5, 2017

SOUTH LOS ANGELES — Hollywood Community Housing Corporation celebrated the groundbreaking for a 41-unit affordable housing development April 22, combining new construction with the rehabilitation of a landmark — the historic Angelus Funeral Home in South Los Angeles.

“The groundbreaking for the long-awaited Paul Williams Project marks another significant milestone in the revitalization of Central Avenue,” City Councilman Curren Price said. “I am delighted to see that this project will not only provide much needed affordable housing in the region, but will also restore the Angelus Funeral Home, which is of great importance to the fabric of South L.A. history.”

Actor Glynn Turman, who serves on the board of the Hollywood Community Housing Corporation, paid a special tribute to the original architect of the Angelus Funeral Home, architect Paul R. Williams.

“As we break ground on these 41 homes, Williams’ brilliance and commitment to the community will be imbued into the development of each and every home — with the promise of providing beautiful memories and transforming lives for generations to come.”

Read more here.

How Trump’s tax plan could hurt housing for LA’s homeless

April 26, 2017

President Donald Trump's proposal Wednesday to cut the corporate tax rate by 20 percent could wreak collateral damage on efforts to house L.A.'s growing homeless population.

In November, voters in the City of Los Angeles passed Proposition HHH, which provides the city with $1.2 billion in bond money to build permanent supportive housing for currently homeless individuals. The money, it was calculated at the time, could help fund 10,000 new units of housing.

But that calculation may change, experts say, should corporate tax reform go through.

Developers who build affordable housing rely on a patchwork of funding sources, and one of the biggest is private investment fueled by the federal Low-Income Housing Tax Credit program. Essentially, the program provides federal tax credits in exchange for cash used to finance affordable housing developments, like ones that house the homeless.

"If corporate tax rates decrease, the value of this program to tax credit investors also decreases," said Sarah Letts, executive director of Hollywood Community Housing Corporation, a nonprofit housing developer.

Read more here.

Beauty in La La Land (and Beyond)

March 11, 2017

HCHC resident, Desiree received a “Beauty Day” from celebrity hair and make-up stylist, Eric Leonardos through Alliance for Housing and Healing. 

“After three and a half years of being homeless, literally living on the streets of Hollywood, I was depressed, exhausted, disillusioned and hopeless. I am fifty-seven but felt eighty. Through Alliance for Housing and Healing and Hollywood Community Housing I finally moved into a wonderful apartment in October 2016. Two weeks ago, Jack Lorenz, Director of Development and Communications for Alliance for Housing and Healing, invited me to be a part of ‘a day of beauty’ held at Public Service Salon. That’s where the magic happened for me. Eric Leonardos and his team performed miracles. My hair and make-up were expertly and lovingly done and the transformation is amazing! I look better than I have in many years, but what they did for my soul was truly a miracle. I feel forty, excited about my new life and BEAUTIFUL inside and out.”

Read more here.

Developers of affordable housing in California are on pins and needles over Trump’s tax plan

February 26, 2017

Over two years, developer Geoffrey Morgan lined up investors, partnered with a medical clinic and found a manufacturer in Idaho to build 135 apartments for formerly homeless residents near downtown San Jose.

            After election day, affordable housing projects across the state immediately saw multimillion-dollar budget gaps and future dollars are now at risk. The tax credit program is the largest source for funding for low-income housing in California, and the market downturn could mean a reduction in state low-income housing funding by $250 million this year, said Matt Schwartz, president and chief executive of California Housing Partnership, a nonprofit advocate for low-income housing.

Read more here.

El Monte Breaks Ground on 49-unit Affordable Housing

Project, Palo Verde Apartments

January 26, 2017

El Monte, Calif. – A ground-breaking ceremony for a new 49-unit affordable housing project in El Monte marked the beginning of a bright future for homeless veterans and low-income families throughout the community on January 25, 2017. El Monte city officials were joined by Los Angeles County Supervisor Hilda L. Solis, the board and staff of Hollywood Community Housing Corporation and officials from National Equity Fund to introduce the new three-story project development, Palo Verde Apartments, which is located on the northeast corner of Peck Road and Ranchito Street.

Read full press release here.