Decro, an affordable housing developer with a 25-year track record of successfully transforming lives, has secured $110M in investment capital to create permanent supportive and affordable housing for Los Angeles residents.
“Decro has achieved this milestone by leveraging public financing such as Proposition HHH and No Place Like Home funds along with raising private debt as well as equity from syndicating federal and state low-income housing tax credits,” commented Decro CEO, Ted M. Handel in a statement. “Housing alone will not ensure a successful transition to permanent housing. Availability of supportive services within these projects is essential. For that reason, Decro is proud to partner with VIP Community Mental Health Center at Brine Residential, The People Concern at McDaniel House, and Downtown Women’s Center at NoHo 5050 to provide residents with ready access to case management and other on-site resources.”
Brine Residential, a 97-unit affordable housing project located on a 97,000 square foot campus will enable Decro to provide Lincoln Heights residents with access to housing.
McDaniel House, a 47-unit project jointly developed by Decro, Daylight Community Development, and Angelino Supportive Housing Partners in Koreatown, is using modular construction to deliver housing more quickly and at a lower per unit cost.
NoHo 5050, a 40-unit project in North Hollywood, is being built in partnership with Daylight Community Development. Like Brine Residential and McDaniel House, residents will have access to community space and case managers.
Decro is currently developing three additional projects – Firmin Court, Watts Works, and 11604 Vanowen – all under construction, totaling 138 units with a fourth, 46 unit Oatsie’s Place, about to begin construction.
