Decro Group plans supportive housing for seniors in Echo Park
The 64-unit complex would be the 3rd development in the city with affordable components
An developer that focuses on supportive housing for seniors wants to build a 64-unit complex in Echo Park.
The Decro Group filed plans for the project, to rise at 418-430 North Firmin streets. The six-story Firmin Court building would replace two single-family homes and an empty lot on the sloping street. Forty-two of the units will be permanent supportive housing, with 22 set aside for low-income renters.
The Culver City-based affordable housing developer paid $2.6 million for the three lots earlier this year, according to property records. The Decro Group is partnering on the project with Innovative Housing Opportunities Inc.
The New Generation Fund provided Decro with a $3.2 million loan. The fund specializes in predevelopment financing for affordable housing. Rose Community Capital and Enterprise Community Loan Fund also provided capital for the planned construction, according to Decro’s website. Venice-based St. Joseph’s Center will administer social services needs.
Echo Park has seen a handful of projects at a similar scale this year, although Decro and Innovative Housing Opportunities appear to be the only developers building completely affordable and supportive housing.
Two other residential constructions in Echo Park this year include affordable housing in exchange for density bonuses through the city’s Transit-Oriented Communities program. A Sherman Oaks entity filed plans for a 47-unit project on Rosenell Terrace that will include four units for extremely low-income renters. And Bond Companies is moving forward with another 47-unit project, with an unspecified number of affordable units, a few blocks from the Firmin Street location at 1363 Colton Street.