Los Angeles city officials say they have a selected a replacement for Mark Adams to take over 29 depressed buildings operated by the defunct Skid Row Housing Trust. The city would have to petition a court to make the change.
operated by the defunct Skid Row Housing Trust and oversee the welfare of about 1,500 low-income tenants.
The recommendation is scheduled to be heard by the City Council Budget and Finance Committee on Monday and could go before the full council as early as Tuesday. A spokesman for City Atty. Hydee Feldstein Soto, who selected Adams for the receivership, said she concurs with the recommendations. Those costs could partly be paid by the limited partners who own some of the buildings with the housing trust. But the nonprofit, which collapsed financially earlier this year, is the sole owner of 12 of the buildings. That would leave the city likely paying any costs, possibly with help from state housing construction programs.The Skid Row Housing Trust was a model for nonprofits housing homeless people in Los Angeles. Behind the scenes, it was imploding — leaving tenants in squalor.
Beckloff has approved the release of six properties that will be taken over by PATH Ventures and one by LA Family Housing, both nonprofit agencies that provide homeless services and develop and operate housing. Another seven are on track to be released by late fall once permanent financing can be obtained to replace construction loans that were used to build or rehab them.
The city’s confidence in Adams deteriorated further when it learned he had agreed to pay 15% interest on loans for costs that he estimated already included up to $1.7 million for security. The city contends that the terms of his appointment set a limit of 10% on any loans. Adams told The Times that he would respond to the city’s report next week in court. He also cited Judge Beckloff’s support for him.published last month shortly after his appointment, found that at some properties where Adams was the receiver, tenants faced the risk of eviction, owners lost their houses and multiple judges determined he inflated his fees by six-figure amounts.
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