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.
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.