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April 30, 2023




KABC-TV COVERS SHF/DOLORES HUERTA APTS. GRAND OPENING

SOUTH LOS ANGELES (KABC) – Civil rights activist Dolores Huerta, Los Angeles
Mayor Karen Bass and dignitaries on Thursday celebrated the grand opening of a
permanent supportive housing project in Vermont Square.

Officials said this project is the first of its kind because it was made
possible mostly through a private-sector fund. The apartment project was named
after Dolores Huerta herself. Huerta said this is the solution to help with the
fight against homelessness.

“I am so honored to be here today and to have this apartment building here named
in my name… Here is the solution, right here,” said Huerta. “We are seeing it.
This can happen. It can only happen when everyone comes together to make it
happen.”

The housing building is on the corner of South Figueroa and 52nd Street and it’s
made out of shipping containers. It has 40 units, one will be for an onsite
counselor and the other 39 units will be for the unhoused. It is one person per
unit and it has a private living area, kitchen, bedroom and bathroom. Mayor Bass
said this is a step in the right direction.

“And it is a beautiful example of a public-private partnership. And this is what
we need to see tenfold or twentyfold all across our city,” said Bass.

The financial firm SDS Capital Group put nearly $7 million to make this happen.
Officials said this model of the public and private sector coming together
allowed for the financing and construction to happen quicker. Plus, it cost less
than the traditional public housing developments.

“Because we are definitely showing the example of government coming together,
good governance, the public sector coming together,” said Huerta.

People will start moving in the next two weeks.


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New Markets Tax Credit Program

The New Markets Tax Credit (NMTC) program was created in 2000 to stimulate
economic growth in rural and low income communities by increasing the
availability of private capital. In return, NMTC investors – most often banks –
are provided with a tax credit equal to 39% of the total Qualified Equity
Investment (QEI) over seven-year period. This tax credit provides anywhere from
a 20% to a 25% subsidy to projects. The NMTC program was born of the Community
Renewal Tax Relief Act and is under the United States Treasury Department.


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