A partnership between Decro Corporation and Daylight Community Development is bringing new affordable housing developments to Los Angeles residents. Totaling 177 residential units, the company is currently constructing three affordable housing developments in areas of the city where they are much needed.
The developments, which were initially proposed in 2019, consist of Brine Residential, McDaniel House and NoHo 55. In November of 2021, the company announced $110 million in investment capital, which is being put directly into the buildings’ construction. In total, Brine Residential, McDaniel House and NoHo 5050, will cost $61.6 million, $23.9 million and $24 million, respectively, to develop.
“Decro has achieved this milestone by leveraging public financing such as Proposition HHH and No Place Like Home funds along with raising private debt as well as equity from syndicating federal and state low-income housing tax credits,” Decro CEO Ted M. Handel said at the time of the announcement. “Housing alone will not ensure a successful transition to permanent housing. Availability of supportive services within these projects is essential. For that reason, Decro is proud to partner with VIP Community Mental Health Center at Brine Residential, The People Concern at McDaniel House, and Downtown Women’s Center at NoHo 5050 to provide residents with ready access to case management and other on-site resources.”
The 97-unit Brine Residential development, which has been named for its location at the former A-1 Eastern Homemade Pickle Company, will be located at 3000 N. Main Street in Los Angeles’ Lincoln Heights neighborhood. Upon completion, the building will total 97,000 square feet and include 56 studio units, 35 one-bedroom units, four two-bedroom units and one four-bedroom unit. The project also will include a manager’s unit and 28,000 square feet of retail space. Amenities at the property also will include healthcare, childcare, a community room, recreational areas, laundry rooms and bicycle parking.
The second development is McDaniel House, a 47-unit project, is being developed with services from Angelino Supportive Housing Partners. The Koreatown development will be located at 1043 Harvard Street and will provide a community room, a learning center, an outdoor courtyard and case management offices in addition to residential units. In total, the property will contain 38 studios, seven one-bedroom, one two-bedroom and one two-bedroom manager’s unit. The project is named after former Koreatown resident Hattie McDaniel, who was the first African American woman to win an Oscar for Best Actress.
Located at 5050 Bakman Avenue in North Hollywood, the third development is NoHo 5050. The 40-unit residential development will include 32 one-bedroom units, and eight two-bedroom units. Residents at the five-story development also will be provided with various amenities, including case management services, a learning center, community room, supportive services spaces, landscaped open space, bicycle storage and a laundry room.
As rents continue to increase, the need for affordable housing in Los Angeles also continues to grow. According to the City of Los Angeles, the average rental rate for a two-bedroom apartment is $2,750, a rate less than 29 percent of households can afford. The City is continuing to add new affordable housing developments. In November, the City approved a rezoning plan that would allow for the creation of 250,000 new affordable housing units within three years. The plan is part of the City’s larger initiative to provide 500,000 affordable housing units by 2029.