SRO Housing, Elected Officials and Enterprise Celebrate Grand Opening of the Renato Apartments

LOS ANGELES, Nov. 5, 2010 /PRNewswire/ -- Mayor Antonio Villaraigosa, Congresswoman Lucille Roybal-Allard (CA-34) Councilwoman Jan Perry (9th district) and Enterprise Community Partners (Enterprise) yesterday joined SRO Housing, new residents and neighbors to celebrate the grand opening of the Renato Apartments located at 531 S. San Julian Street on Skid Row. A $25 million development, the Renato will provide 95 affordable studio apartments for extremely low-income residents.

"At SRO, we are dedicated to revitalizing Skid Row and creating safe and affordable housing where individuals can receive needed assistance," said Anita U. Nelson, chief executive officer, SRO Housing. "We are extremely proud that the Renato provides a comfortable place for residents to call home and that it offers a new resource for the surrounding community."

The Renato Apartments offers permanent-supportive housing to residents who earn up to 45 percent of the area median income. Sixty apartments are reserved for the chronically homeless and those who suffer from mental-illness. In order to assist residents with needed life-skills, SRO Housing will provide comprehensive on-site social services. All studio apartments will be supported by project-based Section 8 rental subsidy and the residents can also access social support, such as free meals and drug and alcohol recovery programs, at the neighboring James Woods Community Center.

"Addressing our shared responsibility to decrease homelessness and increase housing availability requires partnerships between communities and philanthropic efforts, as well as increased support from the state and federal government," Mayor Villaraigosa said." The Renato Apartments are the perfect example of the fruits of our collective labor, providing our fellow Angelenos with a permanent home and the support they need to stay off the streets."

"Enterprise has invested heavily in Skid Row because we believe that it is important to create a community that includes affordable housing and access to needed resources for those who are working to make improvements in their lives," said Jeff Schaffer, vice president and Southern California impact leader, Enterprise. "We know that a home is the first step to address homelessness, but allowing for supportive services increases the odds that a person will remain housed."

Enterprise provided approx. $11.7 million in Low-Income Housing Tax Credit equity for construction costs, with additional investment provided by the Community Redevelopment Agency, City of Los Angeles, Downtown Mental Health Center, Housing Authority of the City of Los Angeles, Housing Authority of the County of Los Angeles, Los Angeles Housing Department and Union Bank.

Enterprise and SRO have a strong history together in the Skid Row neighborhood. Over the past decade, Enterprise has financed more than 1,000 units in nine SRO properties, including the James Woods Apartments, the Lyndon Hotel, the Yankee and the Ford Hotel, currently under construction.

Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For more than 25 years, Enterprise has introduced neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations and others that share our vision. Enterprise has raised and invested more than $10.6 billion in equity, grants and loans to help build or preserve more than 270,000 affordable rental and for-sale homes to create vital communities. Visit www.enterprisecommunity.org and www.enterprisecommunity.com to learn more about Enterprise's efforts to build communities and opportunity.

SOURCE Enterprise