CRA Approves Loan to Fix Main St. Hotel
The Community Redevelopment Agency has approved a $273,000 loan to the Church and Temple Housing Corp. to rehabilitate the 31-unit Pennsylvania Hotel, 452 S. Main St.
This is the first project to be financed under a program that offers owners of older residential downtown buildings favorable loan terms to earthquake-proof and preserve their low-income housing units.
The nonprofit corporation is a partnership formed between Leo Baeck Temple and All Saints Episcopal Church. The partners plan to buy and rehabilitate not only the Pennsylvania but the nearby Pershing and Roma hotels, providing a total of 98 units.
Fund raising for the effort is directed by Las Familias del Pueblo, a nonprofit social service agency for families in Central City East.
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