First Fed Supports ELACC

Above: Daneil Huynh Project Manager ELACC, Paul Balaschak, First Fed, Maria Cabildo, ELACC's President and Ernesto Espinoza, Director of Real Estate Development

East Los Angeles Community Corporation (ELACC) is a non-profit community development corporation based in East Los Angeles.  Since 1996 ELACC has been dedicated to harnessing housing and other community development resources for the benefit of low-income residents of Boyle Heights and unincorporated East Los Angeles.  Their mission is to advocate for economic and social justice in Boyle Heights and unincorporated East Los Angeles by building affordable housing, grassroots leadership, self-sufficiency and access to economic development opportunities for low and moderate income families.

Currently, through the Federal Home Loan Bank of San Francisco’s Affordable Housing Program, First Federal Bank of California sponsored the ELACC for a $408,000 subsidy to rehabilitate and preserve the Boyle Hotel.  In addition to restoring the Victorian features of the façade, ELACC will turn the 32 room hotel into fully functioning apartments.  This historic structure will be rehabilitated as affordable housing for the Mariachi musicians who live there and work in the adjacent Mariachi Plaza.