Introduction to Los Angeles Housing Authority’s Latest Acquisition
The City of Los Angeles’ public housing authority added another property to its portfolio with plans to offer affordable housing.
The Housing Authority of the City of Los Angeles bought the 154-unit Emerald Apartments near the Fashion District for $49.7 million, Commercial Observer reported. The deal for the property at 215 West 14th Street works out to $322,665 per unit.
Jade Enterprises developed the complex in 2023 and sold it to HACLA with the representation of JLL’s Blake Rogers. The housing authority acquired the property with funding from City National Bank and hopes to secure even more financing next year.
HACLA plans to restrict 24 percent of the units in the building to households earning between 30 and 60 percent of the area median income. In Los Angeles County, for one person, that would be an annual income of between $31,800 and $63,600, or between $45,450 and $90,900 for a household of four.
The Emerald Apartments will undergo a revamp under HACLA’s supervision. The agency, one of the country’s oldest public housing authorities, plans to add six accessory dwelling units and 2,400 square feet of retail space to the property in the coming months.
The complex includes a mix of studio, one-, two- and three-bedroom units and amenities including a pool, gym, community room and structured parking deck. The affordable housing restrictions will go into effect as units turn over, thereby preventing tenants from being displaced.
“The Emerald acquisition is about protecting our neighborhoods and ensuring working-class Angelenos have access to safe, stable and affordable housing,” L.A. City Councilmember Ysabel Jurado said in a statement. “By preserving affordability in existing communities, we are keeping families together, preventing displacement and building a Los Angeles where every family can thrive.”
HACLA owns about 160 properties across Los Angeles providing housing to more than 212,000 people. In the past four years alone, the body has acquired nearly 40 properties, including a 335-unit apartment complex in Woodland Hills purchased last year for $141.9 million.
Recent Acquisitions and Developments
In recent years, the Los Angeles Housing Authority has been actively acquiring properties to expand its portfolio of affordable housing options.
Some notable acquisitions include a 335-unit apartment complex in Woodland Hills purchased last year for $141.9 million and a 120-unit apartment complex in South LA bought for $43 million.
These acquisitions demonstrate the authority’s commitment to providing affordable housing options to low-income families and individuals.
However, the authority has also faced challenges, including a ransomware attack that affected its operations.
Despite these challenges, the authority remains committed to its mission of providing safe, stable, and affordable housing to those in need.
Conclusion
The Los Angeles Housing Authority’s acquisition of the Emerald Apartments is a significant step towards addressing the city’s affordable housing crisis.
By restricting a portion of the units to households earning below a certain income threshold, the authority is helping to ensure that low-income families and individuals have access to safe and affordable housing.
As the authority continues to expand its portfolio of properties, it is likely that we will see more initiatives aimed at addressing the city’s housing affordability challenges.
FAQs
Q: How many units are in the Emerald Apartments complex?
A: The Emerald Apartments complex has 154 units.
Q: How much did the Los Angeles Housing Authority pay for the Emerald Apartments?
A: The Los Angeles Housing Authority paid $49.7 million for the Emerald Apartments.
Q: What is the income threshold for households eligible for affordable housing units in the Emerald Apartments?
A: Households earning between 30 and 60 percent of the area median income are eligible for affordable housing units in the Emerald Apartments.
Q: What amenities are included in the Emerald Apartments complex?
A: The complex includes a pool, gym, community room, and structured parking deck.
Q: How many properties does the Los Angeles Housing Authority own across Los Angeles?
A: The Los Angeles Housing Authority owns about 160 properties across Los Angeles.
Q: How many people does the Los Angeles Housing Authority provide housing to?
A: The Los Angeles Housing Authority provides housing to more than 212,000 people.
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