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Plans for a homeless housing complex near Exposition Park took a key step forward last week, thanks to a motion introduced by 9th District Councilmember Curren Price.

The proposed RISE Apartments - a 57-unit multifamily housing project from Highridge Costa Development and SRO Housing Corp. - is slated for a .37-acre property at 4050 S. Figueroa Street.  Plans call for 56 units of permanent supportive housing for homeless and chronically homeless veterans, priced for individuals earning between 30 and 50 percent of the Los Angeles area median income, and one manager's unit priced at 60 percent of the area median income.

Price's motion calls for the City Council to adopt a bond approval resolution that would allow Highridge Costa and SRO Housing to obtain approximately $13 million in financing for land acquisition and the construction of the RISE apartments.

The proposed development is named for a non-profit organization that provides commercial lending opportunities to local businesses in South Los Angeles.  RISE currently occupies a small building at 4050 S. Figueroa Street.

Image via Google Maps
Image via Google Maps

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