CRA OKs $1.1 Million for Skid Row Housing
The Community Redevelopment Agency approved a $1.1-million loan Thursday to help a nonprofit agency buy a dilapidated Skid Row hotel and develop a low-income housing complex at the site.
The loan, which must be approved by the City Council, would permit the Skid Row Housing Trust to purchase the Olympia Hotel, demolish the blighted three-story building and design a 48-unit housing complex.
The hotel, a haven for prostitution and drug-dealing, on Monday was ordered closed by city officials after a string of health and safety violations.
The nonprofit agency has already entered escrow to buy the building at 1201-1203 E. 7th St. and is applying for state funds and tax credits to build a planned $3.1-million complex at the site.