$34.9 Million Development for 196 Units of Affordable Housing for Homeless Veterans Breaks Ground Today

LOS ANGELES, July 24 /PRNewswire/ -- There will be a groundbreaking ceremony Saturday, July 24, 2010, at 11:30 a.m., at U.S. VETS – Inglewood, 733 S. Hindry Ave., Inglewood, Calif., for Westside Residence Hall II., a $34.9 million development for 196 units of affordable housing targeting homeless veterans.

United States Senator Barbara Boxer and United States Congresswoman Maxine Waters will be joining the formerly homeless veterans from the Westside complex, government officials, business leaders, and supporters at the event.

The project is being developed by Cloudbreak Inglewood, LLC, one of the Cantwell-Anderson, Inc. family of companies focused on special needs housing development. Cloudbreak provides a safe and stable living environment for veterans while linking them to supportive services provided by the nonprofit U.S. VETS, the Veterans Administration, and other nonprofit and governmental agencies.

Westside Residence Hall II. will join the original Westside Residence Hall built in 1993. With program and support services provided by U.S. VETS, West Los Angeles VA Medical Center, and Inglewood Adult School, Westside has served more than 8,000 veterans, delivering more than 2 million nights of stay.

Westside Residence Hall II will add 196 units of affordable housing. It includes 48 SROs, which share a common living and dining area, and 148 studio apartments. The ground floor provides rehabilitation, job training, counseling, and educational services. The project also includes a parking structure and a landscaped terrace for recreation.

Funding for Westside Residence Hall II comes from:

• $19.9 Million – California Tax Credit Allocation Committee through the American Recovery Reinvestment Act
• $7.5 Million – California Housing & Development Infill Infrastructure Program
• $7.4 Million – City of Inglewood Redevelopment Agency
• $11 Million Bridge Funding – Wilshire State Bank

"This is one of the first programs in California to be funded by tax exchange credit dollars," says Tim Cantwell, manager, Cloudbreak Inglewood, LLC and president of Westside Residence Hall, Inc. "We expect construction to generate 300 jobs over an approximate 18 months."

Cloudbreak Developments for homeless veterans and families have exceeded $113 million and 2,592 beds have been placed in service at 10 sites across the country, including ones in Inglewood, Long Beach, and Riverside, Calif.

Currently, an additional 1,010 permanent housing units and 160 program beds, with a cost exceeding $130 million, are under development in Inglewood, Compton, Las Vegas, Phoenix, and Hawaii.

For information, contact Cloudbreak Inglewood, LLC at (310) 560-9100.

SOURCE Cantwell-Anderson, Inc.

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