Skid row’s flagship owner and operator of subsidized housing is on the verge of financial collapse and seeking a lifeline to keep its doors open for more than a thousand low-income tenants.
Skid Row Housing Trust, a pioneer in the decades-old movement to revive aging downtown real estate as homeless housing, has been working with other housing providers to take over its 29 buildings.
“Skid Row Housing Trust is not only an institution in the region for providing much needed housing for people on the margins, it really led in creating a norm of permanent supportive housing,” said Miguel Santana, president and chief executive of the Weingart Foundation, which chipped in $200,000 late last year to help keep the organization solvent.
Skid Row Housing Trust was started by a group of activists in 1989 to prevent these buildings from being torn down and turned into office space or less affordable housing. The result was the purchase and renovation of more than a dozen of these residential motels in and around skid row. Last summer, the state Housing and Community Development Department and the Los Angeles Housing Department, which both hold notes on the older properties, began filing notices of default, a city housing official said.
But Los Angeles officials have already acknowledged the cash flow gap must be filled by public money because the buildings are not likely not attract private capital. Much of this financial support would have to go to renovating and rehabbing these buildings and getting them into better shape, these officials said.
Ann Sewill, general manager of the city’s Housing Department, echoed this sentiment saying that some combination of the state and the city — both of which have loaned money to help construct and maintain these building — will likely have to step in. She added that what’s playing out now — the nonprofit housing community coming together to take over management of these buildings — is much better than a foreclosure sale.
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