“I’m thrilled announce the partnership we have created with two other trailblazing African American women to create an opportunity for local residents to access high-quality affordable housing,” said Delores Brown, president and chief executive officer of CEDC.
LOS ANGELES (PRWEB) December 01, 2022
Today, Community Economic Development Corporation (CEDC,) Innovative Housing Opportunities (IHO,) and Curtom Building and Development Corporation jointly announced the development of a mixed-use affordable housing complex to be built in the City of Long Beach. The venture is being led by three entrepreneurial African American businesswomen who are based in Southern California.
The .5-acre parcel in Long Beach, also referred to as 7th and Pine, is projected to be a mixed-use building constructed with approximately 109 state-of-the-art affordable housing/workforce units with a smart city technology overlay designed by Cassie Bates, president and CEO of Made in South LA.
“I’m thrilled to announce the partnership we have created with two other trailblazing African American women to create an opportunity for local residents to access high-quality affordable housing,” said Delores Brown, president and chief executive officer of CEDC. “We aim to help close the housing crisis which disproportionately affects communities of color.”
A study released by the City of Long Beach reported to a housing crisis. According to the results, 43% of all households are cost-burdened – paying more than 30% of their monthly income toward rent or a mortgage. Rent has increased by 20% over the past 10 years.
“As we push through the necessary steps to begin groundbreaking in 2023, we are eager to work in cooperation and coordination with local partners, stakeholders, city officials, and residents of the city,” said Rochelle Mills, president and executive officer of IHO. “The future of affordable housing is within reach, and we are honored to bring innovative solutions to this problem.”
Earlier this year, California Gavin Newsom approved more than $923 million in awards for affordable housing projects across the state as part of the California Housing Accelerator, a $1.75 billion investment to provide bridge funding to shovel-ready projects.
“I’m enthusiastic about our partnership and the collaboration with local stakeholders. It is a privilege to participate in the efforts to provide high-quality affordable housing in Long Beach,” said Brenda J. Curry, president of Curtom.
In addition to the collaboration between Brown, Mills, and Curry, Michael Wylie, president of FAMCO and long-time affordable housing advocate, is a contributor to the project.
“When my great uncle originally built the tower in 1972, he had the aspirations of building an additional tower next door,” said Wylie. “I am honored to be able to make his vision a reality. It could not be done if not for these aspiring, smart, talented, and exceptional women. I knew that my family’s vision and legacy was going to be granted with them.”
The Long Beach development partnership also includes Clearinghouse CDFI, a national community development financial institution with a strong history of lending in communities of color. CEDC partnered with Clearinghouse CDFI to identify qualified Opportunity Zone (OZ) real estate projects in need of fund management, as well as additional project financing.
The Partnership created an alliance and sales transaction with property owner Park Pacific Tower to work together to further the vision of its non-profit FAMCO and the founders’ original vision of building a second tower to be a twin to the Park Pacific Tower.