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Last week, our partners at Cedar Sinai Park celebrated the preservation of the 1200 Building, Lexington Apartments, Park Tower and the opening of the Harry and Jeanette Weinberg Health and Social Services Center.
At PHB, are honored to work with people that are doing this much good in our community.
In 2008, the need to preserve 11 buildings was identified. There was a storm of buildings being sold and converted into condos. These buildings, three of which were celebrated last week, became part of a large-scale effort called the 11X13 Preservation Campaign. Had we not worked with our partners to preserve these buildings, the residents, more than 700 people, would have been swept up in the tide of market forces. These are our city’s most vulnerable people—seniors, people with disabilities and very low income earners. But our community, one that partners to create a powerful movement, preserved the affordability of these homes for 60 years.
We did that efficiently, leveraging private, state and federal dollars. For every dollar the City invested, we leveraged $4 in private and $5 in federal funds. The City invested $22 million in Community Development Block Grant (CDBG), Section 108 loans, and local urban renewal dollars. This leveraged $110 million in private investments and more than $120 million in federal assistance over the next 20 years.
Cedar Sinai Park is piloting an innovative model that leverages public and private money so seniors can age at home. The Harry and Jeanette Weinberg Health and Social Services Center furthers their mission to allow seniors and people with disabilities to age in place while remaining independent and contributing members of their communities. The health center, part of an innovative coordinated care effort, provides more compassionate care, specific to this population, at a lower cost.
We talk a lot about buildings, and rightfully so, but we must also focus on the people who call those buildings home. 1200 Building resident Robert Gutierrez is the reason we invest in housing preservation. Because of this accomplishment, Robert, who is 75, can continue to live near museums, theaters and shopping, allowing him to maintain the life he wants- at an affordable rent- through his senior years.
Park Tower, Lexington Apartments and the 1200 Building are located in the central city, close to the best services and amenities that our city has to offer. That’s what we would want for ourselves, our relatives and our neighbors who are aging and it’s possible with partners like Cedar Sinai.