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April 27, 2023

Grand Opening of SHF’s Dolores Huerta Apartments

Mayor Karen Bass Joins Civil Rights Activist Dolores Huerta, Councilmember Curren D. Price and SDS CEO Deborah La Franchi at Official Opening of 40-Unit Namesake Dolores Huerta Apartments

Modern housing building with bright yellow background

Los Angeles, CA – April 27, 2023 –  Civil rights leader Dolores Huerta, Los Angeles Mayor Karen Bass, Councilmember Curren D. Price, Jr,. Veronica Lewis, Executive Director, Homeless Outreach Program Integrated Care Systems (HOPICS) and John Yamamoto, Vice President, Community Health and Government Relations, Kaiser Permanente, Southern California, are scheduled to join SDS Capital Group Founder & CEO Deborah La Franchi along with students from Dolores Huerta Elementary School for the grand opening of Dolores Huerta Apartments, the first completed permanent supportive housing building funded by the $185M SDS Supportive Housing Fund

This 40-unit permanent supportive housing (PSH) project, located at 5215 South Figueroa Street, was built with a $6.6 million investment from the SDS Supportive Housing Fund (SHF or Fund). The SHF’s innovative approach to PSH relies on using a first of its kind private equity funding model to provide capital for PSH developments allowing for quicker project financing and construction turnaround at significantly lower costs than traditionally funded public housing developments. 

To date, the Fund has financed ten PSH projects which will result in a total of 760 PSH units upon completion. Among these projects, eight are currently being developed in the Los Angeles area (485 units) and two are being developed in Northern California (275 units). The Dolores Huerta Apartments is the first SHF project to be completed and ready for tenant occupancy.

The SDS Supportive Housing Fund is on track to finance approximately 30 projects that will result in the construction of an estimated 2,500 PSH units over the next six years. The vast majority of these projects will be 1-bedroom/1-bathroom units built in the Los Angeles area. SHF’s most recent project investment was made in March with the acquisition of a 0.4-acre site in the Koreatown neighborhood of Los Angeles that is entitled for 120 units. The Fund is anticipated to close on two additional projects by the end of May, adding an additional 144 units to its portfolio. 

At the press conference, Ms. La Franchi announced that SDS had recently reopened the Fund to investors. Over the past 60 days, the SDS Supportive Housing Fund has raised an additional $35M from investors to increase fund capitalization to $185M. Rapid pace of investment and strong pipeline generated the need to reopen the Fund for an additional round of investment. New partners, along with several of the original SHF investors who increased their initial investments, will allow for the development of an additional 600 permanent supportive housing units. The newly added partners are The California Wellness Foundation, The Roy and Patricia Disney Family Foundation and Susan Disney Lord.

“Every Angeleno deserves to live in a home they call their own,” said La Franchi. “I witness the tragedy of our unhoused residents every day. Over the past few years, this has motivated me and my team to develop a private equity fund that finances the development of housing for the unhoused that is significantly lower in cost, built at a faster pace, with scaled construction that allows for the development of even more units. At SDS, we’ve made it our mission to create a viable financial model for investors to invest in housing developments that meet their financial and impact goals. Today, we are prepared to welcome 39 formerly unhoused Angelenos to their new home at this transformational chapter of their lives. We are proud to help alleviate homelessness in our city by bringing this project into fruition.”

The SDS Supportive Housing Fund is a new high-speed, low-cost financing model developed by SDS Capital Group to fund RMG Housing’s PSH developments that support people experiencing homelessness. The core model uses zero taxpayer dollars for land acquisition or construction. Each studio unit at the Dolores Huerta Apartments includes a private living area/bedroom, kitchen and bathroom. The building includes a community room, outdoor eating area, an atrium, onsite laundry service and bike racks and is located along a transportation corridor to provide easy access to employment opportunities.

“We are thrilled to be part of the solution relative to the unhoused in Los Angeles,” said Tim Roth, President, RMG Housing. “The Dolores Huerta Apartments has been a tremendous partnership between RMG, SDS Capital Group, Councilmember Price, the Mayor, the City, and HOPICS. We have the private, public, and nonprofit sectors all working together to make projects like this a success.”

“Since coming into office, I have been firmly committed to supporting the building of housing for the most vulnerable residents in my District,” said LA City Council President Pro Tempore Curren Price. “Our partnership with SDS Capital and RMG Housing has resulted in an exemplary public and private sector collaboration that work together with the common goal of housing the unhoused of our city and helping them thrive and prosper by providing much-needed support services. We look forward to continuing our fruitful collaboration with other projects in Council District 9 and beyond to benefit marginalized Angelenos everywhere.”

What distinguishes SHF from other private equity funds is a commitment to investing exclusively in PSH projects that are financially sustainable over the long term. SHF’s total unit costs are significantly less than the $600,000 average unit costs for similar units in the current California market.[1] For the ten projects SHF has funded to date, the average underwritten all-in development cost is $230,000 per unit. Financing issues and per-unit costs are often cited as the main obstacles to developing much-needed housing for Los Angeles County’s unhoused population, which currently exceeds 69,000 individuals.[2]

The Dolores Huerta Apartments helps satisfy a recent federal court mandate requiring the city of Los Angeles to facilitate housing for individuals living near dangerous freeway conditions. Los Angeles Mayor Karen Bass began her administration this past December with a declaration of a “State of Emergency on Homelessness.” Ms. La Franchi is currently serving as an advisor on the Mayoral Transition Advisory Team on issues surrounding the development of housing for unhoused city residents.

“The biggest challenge we faced in developing our initial PSH projects has been the City’s permitting process,” said Ms. La Franchi. “We are already experiencing the positive effects and impacts of Mayor Bass’s new permit expediting process that is helping us and other developers accelerate the creation of more housing to help alleviate homelessness in our city.” 

“In order to confront the homelessness crisis head on and see results, we must build more housing — that’s why today’s opening is so important. I am honored to participate in today’s event, and to work with leaders like Dolores Huerta — one of the most important and accomplished champions for justice in this country — to bring a new day to our city,” said Los Angeles Mayor Karen Bass. “Thank you to SDS Capital Group, RMG Housing and all of our partners who have worked to make this opening possible — together, we will bring an end to this crisis.”

PSH developments typically need an average of seven funding sources that can take developers years to aggregate. The Fund’s “one-stop” model significantly reduces underwriting and closing time for typical PSH projects from an average of 5-7 years to approximately 24 months from initial underwriting to tenant move-in.  

As the service provider at Dolores Huerta Apartments, HOPICS will provide tenants with case management and counseling services. One HOPICS case manager will live onsite and be readily accessible to tenants. The non-profit agency worked with the Los Angeles County Department of Health Services to identify 39 qualified tenants. 

“We are so grateful for our partnership with the SDS Supportive Housing Fund and RMG Housing, who made this project possible,” said Veronica Lewis, Executive Director, HOPICS. “Together, we are providing safe and quality permanent homes to individuals who have been unhoused for a long time as well as the person-centered services they need to stay housed.”

Kaiser Permanente is the keystone investor for the SHF, committing $50 million to the Fund from their Thriving Communities impact investment fund. This investment allowed the SHF to scale efforts and raise capital above $150 million. The nonprofit health system leads an array of efforts to end homelessness and preserve affordable housing through strategic impact investments, philanthropic grant-making, shaping policy, and forming innovative partnerships. Kaiser Permanente’s focus on creating affordable housing is critical to its ongoing mission to improve health outcomes in the communities it serves.

“There is an acute need for more affordable housing in California, including permanent supportive housing to help those who need assistance to stay housed,” said John Yamamoto, Vice President of Community Health and Government Relations, Kaiser Permanente Southern California. “Stable quality housing is fundamental to the health and well-being of individuals and communities. That is why Kaiser Permanente is committed to social impact investments that catalyze innovative approaches to increase and accelerate the production of more affordable housing, as well as reduce the number of people experiencing homelessness.”

Other SHF investors include Synchrony Bank, Ally Bank, Charles Schwab Bank, Pacific Premier Bank, East West Bank, First Citizens Bank & Trust Company, Weingart Foundation, First Republic Bank, Western Alliance Bank, Hudson Pacific Properties, California Community Foundation, the California Wellness Foundation, Annenberg Foundation, Fidelity Investments Charitable Gift Fund, the Roy and Patricia Disney Family Foundation, and Susan Disney Lord.



About SDS Capital Group and the SDS Supportive Housing Fund

Los Angeles-based SDS Capital Group serves as manager of 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 five years by ‘ImpactAssets 50’ as one of the top impact managers globally. With six funds and finance products on its platform, SDS currently manages over $1.3 billion in impact assets. The SDS Supportive Housing Fund is the company’s newest fund. It focuses solely on financing permanent supportive housing (PSH) developments in California that are financially sustainable and provide case management support services. Investors in the Fund include: Kaiser Permanente, Synchrony Bank, Ally Bank, Charles Schwab Bank, Pacific Premier Bank, East West Bank, First Citizens Bank & Trust Company, Weingart Foundation, First Republic Bank, Western Alliance Bank, Hudson Pacific Properties, California Community Foundation, the California Wellness Foundation, Annenberg Foundation, Fidelity Investments Charitable Gift Fund, the Roy and Patricia Disney Family Foundation, and Susan Disney Lord. For more information, visit or email

About RMG Housing

RMG Housing, based in Los Angeles, is a developer of permanent supportive housing (PSH) for individuals and families experiencing homelessness. Each property RMG develops offers on-site intensive case management services for residents. RMG’s core mission is to develop high-quality PSH units that are both cost-effective and financially sustainable.
For more information, visit

About Kaiser Permanente

Kaiser Permanente is committed to helping shape the future of health care. We are recognized as one of America’s leading health care providers and nonprofit health plans. Founded in 1945, Kaiser Permanente has a mission to provide high-quality, affordable health care services and to improve the health of our members and the communities we serve. We currently serve 12.6 million members in 8 states and the District of Columbia. Care for members and patients is focused on their total health and guided by their personal Permanente Medical Group physicians, specialists, and team of caregivers. Our expert and caring medical teams are empowered and supported by industry-leading technology advances and tools for health promotion, disease prevention, state-of-the-art care delivery and world-class chronic disease management. Kaiser Permanente is dedicated to care innovations, clinical research, health education, and the support of community health. For more information, go to


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