Elected Officials and Enterprise Celebrate the Grand Opening of the Renato Apartments

Renato ApartmentOn Thursday, November 5, Los Angeles Mayor Antonio Villaraigosa, Congresswoman Lucille Roybal-Allard (CA-34) Councilwoman Jan Perry (9th district) and SRO Housing  joined Enterprise Community Partners (Enterprise), new residents and neighbors to celebrate the opening of the Renato Apartments located at 531 S. San Julian Street on Skid Row. The Renato Apartments, a $25 million development, will provide 95 low-price studio apartments for extremely low-income residents.

“Enterprise has invested heavily in Skid Row because we believe that it is important to create a community that includes affordable housing and access to needed resources for those who are working to make improvements in their lives,” said Jeff Schaffer, A California impact leader for Enterprise. “We know that a home is the first step to address homelessness, however, enabling supportive services increases the chances that a person will remain housed.”

The Renato Apartments offers permanent-supportive housing to citizens who earn up to 45 percent of the local median income. Sixty apartments are reserved for chronically homeless people and those suffering from mental-illness. To assist residents with needed life-skills, SRO Housing will provide comprehensive social services on the premises. All studio apartments will be supported by the project-based Section 8 rental subsidy. The residents can also get social support, such as drug and alcohol recovery programs and free meals at the nearby James Woods Community Center.

Enterprise provided approx. $11.7 million in Low-Income Housing Tax Credit equity earmarked for building costs.

Enterprise and SRO have a strong history of working together to help the Skid Row neighborhood. Over the past ten years, Enterprise has financed more than 1,000 units in nine SRO properties, including the Lyndon Hotel, the James Woods Apartments, the Yankee and the Ford Hotel which are currently under construction.