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CRA Approves $5 Million Loan for Purchase of Hotel Rosslyn

By Eric Richardson
Published: Thursday, April 15, 2010, at 03:17PM
Rosslyn Hotel Sign Eric Richardson [Flickr]

SRO Housing Corporation's plan to buy the Hotel Rosslyn got a major boost today when the board of the Community Redevelopment Agency approved a $5 million acquisition loan for the project. The affordable housing developer has an agreement to purchase the 1924 structure for $12.1 million.

The non-profit is the third to have the building at the corner of 5th and Main in escrow over the past year. Previous plans by Common Ground and the Amerland Group, owners of the adjacent Rosslyn Lofts, failed to move forward.

According to the CRA board report, the Rosslyn project would have a $39 million total cost and create a building that meets LEED Silver certification. Rehab numbers are preliminary, though, and could change once SRO is able to take control of the building and conduct a more in-depth inspection.

Not included in today's action is any firm commitment on what affordability mix or supportive services would be in the building after renovation. The board report says that "SRO Housing's objective is to qualify and retain as many current households as possible under the new financing structure and long term covenant restrictions," and that final plans can not be made until existing tenants are surveyed to determine income levels. The project must come back to CRA for approval before any construction starts.

Additional acquisition funding will come via $6.6 million from the New Generation Fund, a $100-million affordable housing fund set up by the City of Los Angeles, and $500,000 from the Corporation for Supportive Housing.

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