In support of HACLA’s core mission of expanding the supply of affordable housing for residents of the City of Los Angeles, the Development Service Department is actively purchasing existing market-rate and non-residential buildings throughout the city.
HACLA has ready capital to invest through its own equity and a series of other debt and equity sources. In 2020, HACLA acquired more than 20 properties with over 1,000 units of housing for its own portfolio and for the City of Los Angeles. Across these transactions, HACLA performed on all contracts and did not back out of any deals. HACLA has a strong track record of successful and fast execution, and prides itself on being an easy buyer for property sellers to work with.
HACLA considers purchases of both existing multifamily properties and buildings that can be converted to multifamily use – to preserve and create new affordable housing for low- and moderate-income families and to provide homes for unhoused Angelenos.
HACLA is always searching for properties to acquire, and welcomes marketing packages from brokers and property owners. Preference will be given to properties that meet the following criteria:
- Buildings with 25 or more housing units
- Properties built or significantly rehabilitated after 1987
- Buildings with vacancy rates of 10 percent or higher, in order to provide immediate opportunities for new affordable housing units
- A unit-mix that includes mostly 1BR and 2BR units
- Properties with adequate parking
- Buildings that meet or exceed minimum ADA accessibility requirements
- Properties with indoor or outdoor community areas
- Properties with onsite laundry facilities – either in unit or common
- Properties that meet current seismic requirements or that have been retrofitted accordingly
- Well-maintained properties in very good to excellent condition
- Properties with green design and sustainable features
Find out more about our acquisition program.
