Mission Statement
1010’s mission is to preserve, build, and manage quality service-enriched affordable housing and engage in community and economic development opportunities.
1010 believes that affordable housing should be quality housing accompanied with services that empower the residents. It also believes that neighborhoods should be revitalized with economic development opportunities. It partners with nonprofit and for-profit affordable housing developers, along with local business partners and community- and faith-based organizations, to provide housing, resident services, and economic development opportunities for low-income families and seniors in Los Angeles.
What we do
1010 Development Corporation is a faith-based affordable housing developer and property manager in the tradition of the United Methodist Church. For almost 20 years, 1010 has developed multifamily and senior affordable housing communities by rehabilitating older blighted multifamily projects and constructing new multifamily communities in difficult to develop areas of Los Angeles. These housing developments are enriched with programs and services that enhance the quality of life of their low-income residents, helping to keep seniors active longer and to break the generational cycle of poverty in families.
Realities of living in Los Angeles
Los Angeles has a long-term housing crisis. Home prices as well as rents are out of reach for many families and individuals. Overcrowding is common, with many families living in unsafe and unsanitary conditions. The number of homeless people on Los Angeles’ streets is the largest in the nation. These are the people of Los Angeles 1010 strives to serve.
Rental housing is typically considered affordable if the rent is no more than 30% of the renter’s total income. According to the United Way of Greater Los Angeles’ “Quality of Life in Los Angeles: 2008 State Of The County Report Update,” 55% of Los Angeles renters were paying more than 30% of their income for rent in 2006, and nearly a third were paying more than half of their income on rent. The same report indicates that average rents in Los Angeles increased 5% between 2007 and 2008.
The United States Department of Housing and Urban Development (HUD) has determined that “Fair Market Rent” in the Los Angeles metropolitan area for a 2-bedroom unit in 2009 is $1,361. An individual (a single parent for example) earning California minimum wage ($8/hour) and paying 30% of his/her income for rent would have to work 130 hours per week to afford this unit—more than three full time jobs.
1010's solution
1010’s projects address this severe shortage of affordable housing in Los Angeles. 1010’s affordable housing communities are designed to preserve and increase the number of affordable housing units in the Los Angeles area, enabling more working families to pay closer to 30% of their incomes for rent. 1010’s housing serves families and seniors whose household incomes are 60% or less of the Area Median Income (AMI). In 2009, the AMI for Los Angeles County is $79,300 for a family of four. That means 1010’s residents earn only $47,580 or less for a family of four in Los Angeles County in 2009. This includes families with primary wage earners in a number of important occupations: child care administrators; computer support specialists; civil and environmental engineering technicians; agricultural and food science technicians; marriage and family therapists; social workers; law clerks; interpreters and translators; EMTs and paramedics; various healthcare practitioners, technical workers, aides, and assistants; and many others.
1010s approach to developing rehabilitated projects and new construction is comprehensive. When a potential project is identified, often in partnership with other community organizations such as churches or other developers, 1010 thoroughly analyzes the range of all types of financing available to best prepare a development strategy. The experience brought by 1010’s development team allows for creative solutions to the unique challenges and opportunities facing affordable housing development.
1010 has established strong ties and relationships with local and state financial institutions, housing and economic development authorities, other nonprofit organizations, and public agencies and entities. 1010 has taken the initiative to work with local advisory committees, public and nonprofit organizations, as well as with community leaders in developing long-term relationships in the communities where it acquires and preserves affordable housing developments. 1010 has established a fiscally sound and well-managed real estate development and asset management operation. 1010’s proven track record working with various financial institutions has resulted in increased affordable housing units, extensive resident services, common area facilities for residents and the surrounding neighborhood, and child care centers. Some of these resources include Low-Income Housing Tax Credits, tax exempt bonds, state Multifamily Housing Program funds, Los Angeles Housing Department Housing Trust Funds, and many other public and private funds.
1010’s housing developments are more than simply shelter. They are homes complemented with an array of programs and services that enrich the lives of the residents and the surrounding communities. Child care centers are included in new family housing developments whenever possible. Partnerships with local community organizations bring classes and activities like English as a Second Language and after-school programs to the properties. More information on resident services can be found on 1010’s Resident Services page.
