Home News and Notifications HACLA acquires 120-unit market rate apartment building for conversion to affordable housing in partnership with the City of Los Angeles
HACLA acquires 120-unit market rate apartment building for conversion to affordable housing in partnership with the City of Los Angeles
external shot of apartment building

Posted:

04/03/2024
Category

Los Angeles – On March 28, 2024, the Housing Authority of the City of Los Angeles (HACLA) closed on the acquisition of a 120-unit market-rate apartment building at 349 S. La Fayette Park Place in central Los Angeles. HACLA will restrict 90 of the units in the property to occupancy by families with incomes not exceeding 80% of the median income in Los Angeles – equivalent to $70,640 per year for a single person household – over the long term. The affordability will be achieved over time as units naturally turn over. No existing residents will be required to move as a result of the purchase, and residents with qualifying incomes will be eligible to receive rent reductions.

The $43.4 million acquisition was accomplished with $19.5 million of federal Community Development Block Grant (CDBG) funding awarded by the City of Los Angeles through its Community Investment for Families Department (CIFD).

“CIFD is proud to serve as the administrator of the Consolidated Plan, which includes the oversight of the Community Development Block Grants (CDBG). CDBG plays a crucial role in supporting housing acquisition initiatives aimed at providing affordable housing. By investing CDBG resources in projects such as Lafayette, we are helping communities secure assets that will promote economic growth and foster housing stability for hundreds of Angelenos,” said Abigail R. Marquez, CIFD General Manager.

HACLA also borrowed $23.4 million from its line of credit with City National Bank to close on the purchase.

“HACLA is committed to using every available tool to the greatest extent possible to increase the supply of affordable housing in the City of Los Angeles,” said Doug Guthrie, HACLA’s President and CEO. “We are thrilled that this property, with access to jobs, schools, transit, parks and shopping, will provide a welcoming and affordable home for hundreds of Angelenos for decades to come.”  

“HACLA is deeply gratified for the unwavering support and dedication of our partners at the City of Los Angeles, including Councilmember Eunisses Hernandez (D-CD1), the Community Investment for Families Department, and the leadership of Mayor Karen Bass,” said Cielo Castro, Chair of the HACLA Board of Commissioners.

“Los Angeles is in dire need of more affordable and dignified housing to confront our housing and homelessness crisis,” said Councilmember Eunisses Hernandez. “This acquisition moves us closer to that goal and I am grateful for the steadfast support of HACLA, CIFD, and all our partners who work tirelessly to increase the supply of affordable housing in the City of Los Angeles.”

“The Mayor’s declaration of emergency on homelessness created a renewed urgency to bring unhoused Angelenos and connect them to homes they can afford. And we are making steady progress,” said Chief Housing and Homelessness Officer, Lourdes Castro Ramirez. “With today's announcement, HACLA is delivering the kind of vision we need to meet this housing and homelessness crisis head on, creating new covenanted affordable homes that will support Angeleno families for decades. Kudos to Doug Guthrie and the HACLA team for this success!”

Since 2020, HACLA has purchased more than 2,000 units to provide affordable housing for families in Los Angeles, totaling nearly $900 million of acquisitions. HACLA is the largest owner of affordable housing in the City of Los Angeles, with a portfolio of more than 11,000 units of housing restricted to or targeted for occupancy by lower-income families and people who are experiencing or at risk of homelessness.

For more information about HACLA and its initiatives, please visit www.hacla.org.

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About HACLA
The Housing Authority of the City of Los Angeles (HACLA) was established in 1938 by City of Los Angeles Resolution No. 1241. HACLA is one of the nation’s largest and leading public housing authorities, providing the largest supply of quality affordable housing to residents of the City of Los Angeles. HACLA provides affordable housing to over 83,000 households in its Public Housing and Section 8 rental assistance programs, and offers a range of permanent supportive housing programs for homeless households, including: Project-Based, HUD – Veterans Affairs Supportive Housing, Homeless, Tenant Based Supportive Housing, Housing Opportunities for Persons with Aids (HOPWA), Continuum of Care and Moderate Rehabilitation Single Room Occupancy program. For more information, visit www.hacla.org.

 

Contact:

John King, Director of Community Engagement

Interim Director of Community Engagement and Intergovernmental Relations

213-252-5464

John.King@hacla.org

 

Courtney Harris, Media & Marketing Specialist

213-252-1272

Courtney.Harris@hacla.org

 

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