LOS ANGELES - September 20, 2022 - (Newswire.com)
On Monday, Sept. 19, Dr. Carl C. Baccus (Pastor) and Chris Baccus of Southside Church of Christ, and Saki S. Middleton, President of John Stanley Inc., announced the groundbreaking of Serenity, a mixed-use 50-unit affordable rental homeless senior project in the City of Los Angeles.
The project is a partnership between John Stanley, Inc. ("John Stanley"), Southside Church of Christ ("Southside"), and Innovative Housing Opportunities ("IHO"). Serenity is a mixed-use 50-unit affordable rental homeless senior project with ground-floor commercial space located on 0.82 acres, the former church parking lot of Southside Church of Christ. The project is a public-private partnership with the City of Los Angeles Housing Department and the Housing Authority of the City of Los Angeles.
PUBLIC-PRIVATE PARTNERSHIP
The City of Los Angeles Housing Department provided a $9.22 Million Proposition HHH Supportive Housing Loan and issued $19,910,000 in Tax Exempt and Taxable Bonds funded through R4 Capital Funding LLC and privately placed with Western Alliance Bank and $12,647,000 in LIHTC equity provided by R4 Capital LLC for the construction of the project and the Housing Authority of the City of Los Angeles is providing 36 Project-Based Vouchers for Chronically Homeless and Homeless Seniors. The project will serve 18 chronically homeless and 18 homeless seniors, and 14 non-homeless independent senior households.
"This is a true public-private partnership," said Saki Middleton, President of John Stanley Inc. "The continued support from Councilman Marqueece Harris-Dawson has led to a $9 Million Proposition HHH Supportive Housing Loan and the 36 Project-Based Vouchers from the Housing Authority of the City of Los Angeles, which is key to this project moving forward. It will provide homeless seniors with permanent housing and supportive services, which will enhance their lives and improve the quality of the neighborhood."
"Such a long-awaited development, we are so grateful to God, the church members, community, and the city for joining us in providing quality housing and services in the neighborhood," said Dr. Carl C. Baccus, Pastor of Southside Church of Christ.
"To whom much is given, much is required. We are thankful God gave us this opportunity to give to others with this project. We look forward to continuing to serve our community," said Chris Baccus, Executive Director of Concerned Citizens Community Involvement.
"Innovative Housing Opportunities is proud to be part of the solution to create more affordable housing for all seniors," said Rochelle Mills, President and CEO of Innovative Housing Opportunities. "It's imperative that all of us address this growing population with homes that are healthy, beautiful, and safe."
ABOUT THE PROJECT
Designed by Withee Malcolm Architects, the mixed-use 50-unit affordable rental homeless project will consist of one five-story building comprised of 50 studio and one-bedroom senior units, 1,600 square feet of ground-floor commercial space, and two levels of podium parking located on 0.82 acres. The project is being built on Southside Church of Christ's parking lot, and development includes the replacement of the church parking.
The project will have 20 studio/one-bath and 30 one-bedroom/one-bath units and 1,785 square feet of ground-floor commercial space. Amenities will include a third-level outdoor courtyard that includes a BBQ area, sitting areas, and 1,500 square feet of indoor community space that includes a lounge, kitchen, flex room, and computer/classroom. The project also has a fourth-floor gym, a third-floor laundry facility, and parking for the residents. The units will serve homeless senior and independent senior households 55 years and older whose annual household incomes are at or below 60% of the Los Angeles County area median income.
ABOUT JOHN STANLEY
Founded by Saki Middleton, John Stanley is a private real estate development company focused on the new construction, acquisition, and rehabilitation of affordable and market-rate mixed-use/mixed-income multifamily properties throughout the U.S. John Stanley currently owns 12,000 residential units and has 1,200 mixed-use, affordable and mixed-income residential units under development. John Stanley has a wide range of partnerships, which include public-private partnerships with municipalities, private equity firms, faith-based organizations, and nonprofits throughout the U.S. Visit www.johnstanleyinc.com.
ABOUT SOUTHSIDE CHURCH OF CHRIST/CCCI
Dr. Carl Baccus has ministered at Southside Church of Christ since 1956. In 1980, Dr. Baccus built the church himself as the general contractor. In 1978, Dr. Baccus and their members founded Concerned Citizens Community Involvement (CCCI), a nonprofit corporation for the improvement of health, education, and well-being of South LA and the broader community. CCCI provides youth programming, food programs, health seminars, and STEM training, including an internationally recognized robotics program, and has partnerships with Los Angeles Unified School District, Inglewood Unified, and the Housing Authority of the City of Los Angeles. In 2005, Chris Baccus was appointed as the Executive Director to carry the legacy of his late mother Gerri with the goal of providing housing as the next step in the mission.
ABOUT INNOVATIVE HOUSING OPPORTUNITIES
The mission of Innovative Housing Opportunities (IHO) is to enrich communities by providing high-quality, affordable housing where residents can thrive, develop healthy habits, and achieve success and stability. IHO's California development portfolio provides housing to a wide variety of residents, including seniors, families, foster youth, veterans, those living with mental illness, formerly homeless, developmentally disabled, and other special needs and mixed populations. Formed in 1976 to help business and government address the lack of low- to moderate-income housing in the City of Irvine, IHO is now working throughout California in strategic partnerships that creatively and effectively maximize efficiencies while achieving the most attractive and well-managed environments for residents and for the surrounding communities.
PR Contact
[email protected]
Contact Information:
Jennifer Buonantony
CEO, PPLA Agency
[email protected]
323-496-1976
Press Release Service by Newswire.com
Original Source: Southside Church of Christ and John Stanley, Inc. Celebrate the Groundbreaking of Serenity, a $35 Million Mixed-Use Affordable Rental Homeless Project for Seniors
