National Equity Fund, Inc. National Equity Fund, Inc.

Extraordinary things happen when you have great partners
Since 1987, National Equity Fund® has invested more than $13 billion revitalizing neighborhoods,
fostering economic growth and creating affordable sustainable housing.

New Pershing Apartments

New Pershing Apartments

Supportive Housing

New Pershing Apartments is an affordable housing community located in downtown Los Angeles on the western edge of Central City East, known as Skid Row. Built in 1889, the original building–the Pershing Hotel–had two stories of residences above ground floor shops. The new building, developed by sponsor, Skid Row Housing Trust, has 67 studios and four one-bedroom apartments for a mixed population of individuals, some with special needs including HIV/AIDS or substance abuse issues, having incomes at or below 60 percent of Area Median Income.

Due to its historic significance, a minor portion of the existing hotel, including its facade and one stairway, was renovated. The apartments are specially designed for independent living and are equipped with a kitchenette and full private bathroom, and the four studios are furnished with a bed, nightstand, dresser, dining table, chairs, refrigerator, microwave and window treatments.

The first floor includes a courtyard as well as commercial space for lease while the top two floors were built back, resulting in a space for a resident garden on the third floor roof.

Tenants benefit from a comprehensive supportive services program available on and off-site, including case management, employment support services, addiction recovery and coordination with other local providers.
National Equity Fund® invested $16.2 million in LIHTC equity in New Pershing.


Project Details

Completed
2014
Location
Los Angeles, CA
Project Type
Supportive Housing
Total Units
71
Mix of Residences
67 studio; 4 1-br
Limited Partnership
New Pershing Apartments, LP
Tax Credit Equity
$16.2 million
Total Project Costs
$29.9 million
Sponsor
Skid Row Housing Trust
Permanent Lenders
California Community Reinvestment Corporation
State of California Department of Housing & Community Development
City of Los Angeles Housing Department
CRA/LA
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