Five L.A. Housing Projects Approved for Funding : Nonprofit Corporation Supports Construction of Affordable Units for Low-Income Families
Five Los Angeles housing projects with a total of 153 units have been approved for funding by the Chicago-based National Equity Fund, reportedly the nation’s largest private nonprofit community development corporation.
The Los Angeles projects are the Dunbar Hotel in South-Central Los Angeles; 7279 Fountain Ave., West Hollywood; Pennsylvania Apartments in the Central City East area of Los Angeles; Pico Union II in the Pico-Union west of downtown, and Villa Guadalupe in El Sereno.
For the record:
12:00 a.m. May 1, 1988 For the Record
Los Angeles Times Sunday May 1, 1988 Home Edition Real Estate Part 8 Page 2 Column 3 Real Estate Desk 2 inches; 62 words Type of Material: Correction
The address of a 28-unit West Hollywood rental apartment rehabilitation project was incorrect in an April 24 story. The correct address is 7292 Fountain Ave., not 7279 Fountain Ave, a duplex owned by Mrs. Virginia Maston who wants to assure her tenants that no changes are contemplated on her property. Incorrect information was given The Times by the National Equity Fund, Chicago-based private nonprofit community development corporation.
These projects will create housing units with restricted rents affordable to families who earn less than 60% of the median income, according to a spokeswoman for the National Equity Fund.
“NEF has been a catalyst in providing public/private financing for affordable housing in poor communities,” said Carmela G. Lacayo, president of El Pueblo Community Development Corp., sponsors of Pico Union II and Villa Guadalupe. “With federal housing dollars almost non-existent, the National Equity Fund is providing both the dollars and the technical support nonprofit developers need to get the job done,” she said.
Organized last October by 14 Fortune 500 companies and the Local Initiatives Support Corp., the National Equity Fund finances nonprofit affordable housing projects. The corporations make limited-partner investments in the housing projects, taking advantage of the federal low-income housing tax credit.
The 1987 partnership is funding developments in New York City, Kansas City, Mo.; St. Louis, Minneapolis, St. Paul, Indianapolis, Omaha and Los Angeles. Together they will create more than 850 housing units in 21 separate developments.
In California, four corporations--Arco, First Interstate Bank of California, Great Western Financial Corp. and Transamerica Occidental Life Insurance Co.--have each contributed $1 million to the California Equity Fund.
