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Local News in Brief : $11 Million Raised for Housing Projects

A corporate investment pool designed to finance construction of low-income housing has raised almost $11 million in California, it was announced Tuesday at the Dunbar Hotel in South-Central Los Angeles, one of the projects being refurbished.

The money, contributed by 12 California companies in return for federal tax breaks, will help create 300 housing units. The state project will cost $30 million, with the rest of the funds coming from government and private sources, according to the Local Initiatives Support Corp., the nonprofit organization coordinating the national effort to create $150 million worth of housing in 14 cities over the next year.

The Dunbar, which hosted legions of black entertainers in Los Angeles before downtown hotels were desegregated, is scheduled to reopen as an apartment house early next year.


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