CRA Approves Loans for Skid Row Hotels
The CRA has approved more than $7.6 million in low-interest loans to build a 123-unit called the Simone Hotel on Skid Row and help rehabilitate four other hotels. Construction on all five projects, which will provide 368 single-room units for the city’s poorest residents, is expected to begin within the next four months with completion in the summer of 1992.
All five hotels, the Simone, Crescent, St. Mark’s, Las Americas and Hart, are in downtown Los Angeles.
Repayment of the loans will be deferred to allow property owners to keep the rents affordable. The money will assist the Skid Row Housing Trust in acquiring the land and covering pre-development and rehabilitation costs.