The Richman Group Affordable Housing Corp. Opens Largest Housing Development for Unhoused in LA

Developed in collaboration with Weingart Center and Chelsea Investment Corp., Weingart Tower 1 provides 275 apartment homes for those experiencing homelessness

LOS ANGELES, June 26, 2024 /PRNewswire/ -- On behalf of Weingart Center and Chelsea Investment Group, The Richman Group, a leading developer and syndicator of affordable housing, announces the grand opening of Weingart Tower 1, the largest homeless housing project in Los Angeles history.  The grand opening held on June 19, 2024 featured the 278-unit, 19-story affordable apartment community in the heart of the Skid Row District which stands as a beacon of hope and a significant step forward in the city's commitment to addressing homelessness.

Weingart Tower 1 is designed to provide secure and dignified housing for unsheltered individuals. The community offers 228 studio-apartments and 50 one-bedroom apartments, three of which are designated for onsite managers and 40 specifically reserved for veterans.

"We are incredibly proud to open the doors to Weingart Tower 1. It is more than just a housing project; it's a community built on the foundation of compassion, dignity, and respect," said David Salzman, President of The Richman Group Affordable Housing Corporation. "This critical project represents a monumental effort to provide high-quality housing and support services to some of our most vulnerable residents. By offering a stable living environment and access to essential services, Weingart Tower 1 aims to empower its residents, fostering a sense of community and belonging."

Each Weingart Tower 1 apartment is fully furnished and complete with a full kitchen, private bathroom, television, and air conditioning. Community amenities include a fitness room, computer lab, career center, library, bike storage, laundry facilities, gardens and terraces and offers easy access to the LA metro. Residents of Weingart Tower 1 will also have access to a suite of supportive services such as life skill enhancement opportunities, counseling and advocacy service, substance use referrals, education and employment assistance, financial and budgeting assistance, pet and service animal support, and various health and wellness classes. The thoughtful design combined with the supportive services ensures that residents have everything they need to live comfortably and independently. The community aims to provide not just a place to live, but a place to call home.

"This grand opening marks a significant milestone in Los Angeles' ongoing efforts towards ending the cycle of homelessness not just locally but beyond," said Terry Gentry, EVP for The Richman Group Affordable Housing Corp. "Weingart Tower 1 is poised to serve as a model for future projects, demonstrating that with commitment and collaboration, we can make a lasting impact on the lives of those in need."

Weingart Tower 1 is a collaboration between Weingart Center Association, a Los Angeles-based 501(c)(3) nonprofit agency that provides supportive services to individuals experiencing homelessness; and Chelsea Investment Corporation, one of the nation's leading developers of affordable housing. The Richman Group is a co-developer and syndicated the Low-Income Housing Tax Credit Equity used to finance the project.

About The Richman Group Affordable Housing Corporation
The Richman Group Affordable Housing Corporation (TRGAHC), together with its affiliates, serves as tax credit equity syndicator, asset manager, multifamily developer, and property manager in both the affordable and market-rate housing sectors. TRGAHC has provided approximately $17 billion of equity for the construction and rehabilitation of over 1,850 affordable multifamily properties for low-income households. TRGAHC has accomplished this with partnerships with over 100 institutional investors and more than 600 developers.

About Weingart Center:
Founded in 1982, the Weingart Center is a 501(c)(3) nonprofit agency that provides individuals experiencing homelessness with the basic tools necessary to stabilize their lives, secure income, and find permanent housing. Weingart Center's mission is to empower and transform lives by delivering innovative solutions to break the cycle of homelessness. As one of the best comprehensive human services organizations in the western United States, Weingart Center is committed to establishing a world in which all people have and maintain a high-quality productive life.

About Chelsea Investment Corp.
Since 1984, Chelsea has invested almost $4 billion to develop over 15,000 units of affordable housing for populations including low-income seniors and families, farmworkers, individuals at risk for homelessness, and homeless veterans. Chelsea Investment Corporation was named the largest California-based affordable housing developer in 2021, and the country's 14th largest affordable housing developer in 2023. Chelsea's expertise includes urban infill, mixed-use, suburban inclusionary, renovation, and rural properties. The company is the first in California to deliver affordable apartments set aside for households with a family member who has a developmental disability, such as autism, epilepsy, Down syndrome, or cerebral palsy. Chelsea is a fully integrated affordable housing developer and offers turnkey finance, development, general contracting, and property/asset management services.

SOURCE The Richman Group