http://finance.yahoo.com/news/flyawayhomes-announces-equity-investment-impacts-202100479.html
LOS ANGELES–March 07, 2017–
FlyawayHomes announces the site of the organization’s first permanent supportive housing development funded by Social Impact Equity. FlyawayHomes is closing on a 10,000 square foot plot of land located at 820 West Colden Avenue, Los Angeles 90044 with the intention of building permanent supportive housing (PSH) for the homeless in Los Angeles. The organization has ambitious plans to create these important communities throughout Los Angeles and eventually the U.S.
FlyawayHomes has partnered with the People Concern: Because Everyone Needs to be Housed, Healthy and Safe – OPCC & LAMP COMMUNITY UNITED, the largest social services agency on the Westside of Los Angeles. This non-profit organization, headquartered in Santa Monica, provides highly effective, fully integrated services to the most traumatized, vulnerable and needy members of our community – homeless individuals, victims of domestic violence, at-risk youth, indigent Veterans, and people dealing with severe physical or mental illness or substance abuse.
FlyawayHomes’ building solution is to construct PSH with modular units built from repurposed shipping containers constructed by GrowthPoint Structures and thereby substantially lowering the per tenant construction cost. The People Concern will provide all the support services its clients need to stay housed. As a result, PSH can be built as an economically viable investment vehicle with about a 4% after-tax return, and without the need for government funds or private donations.
“By building PSH as a sustainable investment vehicle, we can provide housing for the homeless in our city,” stated Lawry Meister, Co-founder and President of FlyawayHomes. “During these times, where the federal government is cutting back on supporting important social issues, each of us needs to do our part by contributing time, energy and money to the most needy in our society,” she added. “Permanent Supportive Housing funded by Social Impact Equity in FlyawayHomes is our way of investing to end homelessness without the need for government grants or funds.”
Kevin Hirai, the Co-founder and Chief Operating Officer (COO) of FlyawayHomes, stated: “We’re on a mission to support forgotten members of our society. These people are someone’s father, mother, sister, son. We need to remember that they deserve the sanctity that a home provides.”
About FlyawayHomes:
FlyawayHomes was founded on the principle that to solve the homeless crisis in Los Angeles (and across the United States), permanent supportive housing must be built as an economically viable investment vehicle, providing a reasonable return to investors, without the need for government funds or private donations.
FlyawayHomes is a partnership between Steaven Jones Development Company, Inc. and Bella Vista Property Management, Inc. working closely with a leading Los Angeles homeless organization, The People Concern. FlyawayHomes has also partnered with GrowthPoint Structures.
About GrowthPoint Structures:
GrowthPoint Structures is a company experienced at “up-cycling” used shipping containers into attractive, economical classrooms and affordable housing. GrowthPoint has designed standard four-bedroom and two-bedroom units that work well as permanent supportive housing, with a minimum of 200 square feet per client. The team is focused on meeting the needs of our homeless community.
Website:
https://flyawayhomes.org/
Socials:
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View source version on businesswire.com: http://www.businesswire.com/news/home/20170307006389/en/
