Subjects: CSR, SRI
$150M SDS Supportive Housing Fund Invests in 53-Unit South Los Angeles Permanent Supportive Housing Development
July 28th Groundbreaking Ceremony Celebrated Innovative Partnership between SDS Supportive Housing Fund,
RMG Housing and Bethel African Methodist Episcopal Church, Los Angeles
Private capital investment & resident support services
to provide quality Permanent Supportive Housing
LOS ANGELES, July 29, 2022 /PRNewswire/ -- Members of the clergy and congregation of Bethel African Methodist Episcopal Church (Bethel A.M.E) joined SDS Capital Group's Founder & CEO Deborah La Franchi, Los Angeles Mayor Eric Garcetti, Los Angeles District 8 City Councilmember Marqueece Harris-Dawson, Congressmember Karen Bass, CEO of RMG Housing Tim Roth, Managing Partner of LOGOS Faith Development LLC Pastor Martin C. Porter, and Executive Director of Homeless Health Care Los Angeles (HHCLA) Mark Casanova, for the groundbreaking ceremony of Bethel Manor Apartments, a 53-unit permanent supportive housing (PSH) project to be built using $11.3M in private-sector funding from the SDS Supportive Housing Fund.
The $150M SDS Supportive Housing Fund (SHF or Fund) is a new high-speed, low-cost financing model developed by SDS Capital Group to fund RMG Housing's PSH developments for people experiencing homelessness. The model uses zero taxpayer dollars for land acquisition or construction. The Bethel Manor Apartments site is being ground leased from the Church in a unique partnership that generates revenue for Bethel A.M.E while furthering their mission of serving community members in need.
"We are proud to be the financial partner supporting the construction of this project with Bethel A.M.E," said Deborah La Franchi, Founder & CEO, SDS Capital Group. "This new partnership will provide accessible permanent supportive housing here in Los Angeles for our neighbors who are living on the streets."
The private capital funding model allows for quicker closes and for new construction to be developed at significantly lower costs than most other PSH developments.
"We're excited to be working with Bethel A.M.E., a partner committed to helping individuals experiencing homelessness in Los Angeles," said Tim Roth, CEO of RMG Housing.
The SDS Supportive Housing Fund is on track to finance 30 projects for a total of 1,800 units of permanent supportive housing, mostly in the Los Angeles area. The Fund has financed eight PSH projects to date (seven in Los Angeles and one in the Bay Area) for a combined total of 438 units of PSH.
CONTACT:
Sybil MacDonald
Marketing & Communications
[email protected] Tel: 323.376.896
SOURCE SDS Capital Group
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