Most are restricted to lessees under 60% and 80% of AMI.
Author: Stephen Sharp
In a deal announced last week, the City of Los Angeles Housing Authority (HACLA) partnered with private real estate firm Avanath to purchase Baldwin Village Apartments, a collection of 669 apartments near Crenshaw Boulevard.
HACLA, through the non-profit organization La Cienega LOMOD, Inc., imposes deed limits on 468 apartments. This limits households earning half to her 60% of the regional median income level and the other half to her 80%. Apartments are a mix of studio, 1, 2 and 3 bedroom units and are subject to deed restrictions of 55 years.
The project was made possible by a statutory property tax exemption for affordable units in California. HACLA has provided loans to support the acquisition, with the remaining funding for the purchase coming from the Fannie Mae loan and her Avanath-raised equity. A staff report to the HACLA board said the property had a gross sales price of $220 million.
Read the full LA.Urbanize.City article.