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), which together with its affiliates, serves as a
multifamily developer, equity investor, mortgage lender, asset
manager and property manager in both the market-rate and affordable
housing sectors. TRGAHC has provided approximately $15 billion of equity for the construction and
rehabilitation of over 166,000 homes for affordable 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.
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SOURCE The Richman Group