September 20, 2021
Private capital investment into permanent supportive housing projects, like this new apartment complex, offer viable solutions to address the affordable housing and homelessness crises.
LOS ANGELES, CA – On September 22, 2021 Homeless Health Care Los Angeles (HHCLA), RMG Housing, and SDS Capital Group (SDS) will hold a press conference alongside LA City Councilmember Curren Price to commemorate the first permanent supportive housing development project in District 9 that launched their innovative partnership. Along with inaugurating the facility with a new name, there will be a housewarming fiesta provided for the residents and the creation of a live mural on the rooftop, courtesy of artist and former HHCLA client, Edik Keshishyan.
The model is the only known of its kind, utilizing private developer, RMG Housing, to construct market-rate capital with zero taxpayer subsidy. Units constructed by RMG Housing average out to under $200,000.
“Throughout our City, we are making huge strides in gaining momentum to combat the homelessness crisis through the collaboration and persistence of like-minded organizations such as RMG and Homeless Health Care Los Angeles,” said Councilman Curren Price. “I am excited to add ‘The Etta James’ to the inventory of thousands of affordable housing units coming down the line in District 9. This new complex will serve as a place where neighbors will not only have a stable place to lay their heads, but they will also be afforded a healthy and supportive environment where they can live independently and with dignity.”
Located in the Jazz Corridor of Council District 9, the Etta James offers 21 permanent supportive housing units. On- site services include: communal rooftop space, job assistance, rental assistance, linkages to health, mental health, and substance use treatment, as well as ongoing case and holistic management.
“Today’s inauguration of the Etta James commits our organizations to work closely to achieve the goal of constructing 25 PSH projects that will house over 1,000 people by 2025,” said Mark Casanova, Executive Director of HHCLA.
The impact of the Etta James, while being life-changing for the 21 tenants living on site, is amplified in that its success has led to a new model for permanent supportive housing (PSH).
“The Etta James Building, conceived by RMG and HHCLA, is an innovative PSH prototype that has evolved into an even larger, visionary initiative,” said Deborah La Franchi, Founder & CEO, SDS Capital Group. “RMG can now dramatically scale their development acumen – notable for achieving an average cost per unit of $200,000 – by tapping the SDS Supportive Housing Fund and with HHCLA providing critical supportive services. The Fund’s $130 million of private-sector capital will finance more than two dozen new PSH developments in Los Angeles – a win-win for the City of Los Angeles and those living on the streets who will soon have a home.”
The full list of speakers includes: Mark Casanova, Executive Director of HHCLA; Tim Roth, President & CEO of RMG Housing; Deborah La Franchi, President & CEO of Strategic Capital Group; CD 9 Councilmember Curren D. Price, Jr.; Kush Simpson, Artist and Resident of the Etta James; and Samantha Martinez, HHCLA Board Member.
About HHCLA
Homeless Health Care Los Angeles is a nonprofit, community-based organization that provides comprehensive behavioral and holistic health care to address the unique challenges of people experiencing homelessness. For over 30 years, HHCLA has offered a continuum of services that include counseling, substance use treatment, syringe exchange, overdose prevention, hygiene access, and housing with supportive services. To learn more about HHCLA, please visit www.hhcla.org.
About RMG Housing
RMG Housing, LLC., based in Los Angeles, is a developer of permanent supportive housing. RMG partners with religious entities to help them un-tap their land potential by building efficient, cost-effective projects, while also helping to solve the homelessness crises of Los Angeles. RMG’s service provider, Homeless Health Care Los Angeles, provides fulltime supportive services to each of the tenants. To learn more about RMG Housing, please visit www.rmghousing.com.
About SDS Capital Group and the SDS Supportive Housing Fund
Los Angeles-based SDS Capital Group is the fund manager for the SDS Supportive Housing Fund. Founded in 2001 by Deborah La Franchi, SDS Capital Group manages a platform of impact investment funds – each with a distinct geography and investment strategy. SDS has been recognized for the past four years by ‘ImpactAssets 50’ as one of the top impact managers globally. With six funds and finance products on its platform, SDS currently has over $1 billion in impact assets under management. SDS Supportive Housing Fund is the newest and focuses on financing permanent supportive housing (PSH) developments in CA that are financially sustainable and provide case management support services. For more information, visit www.sdsgroup.com .
CONTACT & MORE INFO:
Stephany Campos
scampos@hhcla.org
Tel: 213-381-0539
For more information on the SDS Supportive Housing Fund, click here.
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