LOS ANGELES (April 11, 2019) — The Brine, a Decro Corporation development created to bring affordable housing, healthy food choices, and medical and mental health services to Lincoln Heights, achieved a major milestone with the closing of nearly $13 million in combined predevelopment financing from both the New Generation Fund, a partnership of the City of Los Angeles and Enterprise Community Partners, and the Local Initiatives Support Corporation.
To be located on two-thirds of a city block bounded by Main Street near the LA County-USC Medical Center and land between Johnston and Hancock Streets formerly owned by the A-1 Eastern Homade Pickle Company for the past 54 years, The Brine will be a mixed-use development with 30,000 square feet of commercial space and 97 units of affordable housing, of which 49 will be supportive housing units. VIP Community Mental Health Center, Inc. (VIP) will provide social services for residents. VIP offers comprehensive mental health and elder abuse services in Los Angeles County. This development will also incorporate classroom facilities, a fitness center complete with physical therapy services, a community kitchen, indoor lounges and meeting rooms.
The Brine development will also have three other separate structures, including a 9,856-square-foot community health center, a 3,687-square-foot pediatric mental health clinic, and a 17,300-square-foot medical office building above a two-story parking structure.
“For nearly two years, Decro has sought to create a development that balances housing and health and meet the needs of Lincoln Heights residents, especially with the addition of a neighborhood grocery store in an area where none currently exists. With support from the City of Los Angeles, including City Councilmember Gil Cedillo and its Housing and Community Investment Development Department, Enterprise, and LISC, and the close of this financing, The Brine moves one step closer to achieving our mutual goal of revitalizing a neighborhood and community where Los Angeles first began,” said Ted M. Handel, Decro’s Chief Executive Officer.
The Brine’s commercial space will accommodate a local grocer with an ongoing commitment to serve the community’s ethnic population and promote healthy food choices. The residential units are located above the commercial space and will house a multi-generational population, including seniors, veterans, survivors of domestic violence, single-parent families and transitional-aged-youth.
In late 2018, the Los Angeles City Council and Mayor Eric Garcetti approved a funding commitment of nearly $11.6 million to support the construction of The Brine’s residential housing units under the Proposition HHH Permanent Supportive Housing Loan Program.
“The New Generation Fund was created specifically for developments like The Brine,” said Jacqueline Waggoner, VP and Southern California market leader, Enterprise. “It’s important for mission-oriented developers like Decro to have patient capital to buy land and hold during the planning phase to ensure that this property brings quality homes and essential services to an underserved community.”
“LISC is thrilled to work with The Decro team and provide acquisition financing in order to bring this transformative Lincoln Heights project to life”, stated Tunua Thrash-Ntuk, Executive Director LISC Los Angeles.
Decro anticipates that construction will start in early 2020 and will generate at least 50 construction jobs and at least 55 permanent jobs.
About the New Generation Fund
Formed in 2008 by the City’s Housing and Community Investment Department and Enterprise, the New Generation Fund is a revolving loan program providing acquisition, predevelopment and moderate rehab capital for affordable housing. Since its inception, the fund has loaned more than $155 million for 27 affordable housing developments which represent over 2,500 affordable housing units.
About Local Initiatives Support Corporation (LISC)
Founded in 1979 by the Ford Foundation, LISC is a nonprofit working with local community development organizations to revitalize communities and bring greater economic opportunity to residents.
About Decro Corporation
Decro Corporation is a California nonprofit affordable housing developer with a 30-year track record of developing and maintaining affordable, mixed-use developments and service-enriched communities for low and very low-income, at risk and special needs individual, families and seniors in California and Florida. The nonprofit pursues public and private capital to revitalize disadvantaged neighborhoods, stimulate economic opportunity, and promote job growth. Decro partners with national social enterprises, local nonprofit community development corporations, for-profit developers, public agencies, private financial institutions, tax credit investors, social service providers and other stakeholders to create secure and enriching environments that promote individual growth and family stability, and encourage residents to participate economically, educationally, and spiritually in their community. The company has completed nearly 30 developments with more than 1,300 affordable housing units and has over 350 units in pre-development. For more information, visit www.decro.org.
Read more:
Decro Secures $13M for Transformative Lincoln Heights Redev – Connect
Decro Corp. secures additional funding for affordable housing complex in Lincoln Heights – The Real Deal
Mixed-Use Affordable Housing Development Planned in Lincoln Heights – Urbanize LA