Most would be restricted to renters earning at or below 60 and 80 percent of AMI
By: Steven Sharp
In a deal announced last week, the Housing Authority of the City of Los Angeles (HACLA) has partnered with private real estate firm Avanath to purchase the Baldwin Village Apartments, a collection of 669 apartments near Crenshaw Boulevard.
HACLA, through the non-profit La Cienega LOMOD, Inc., will place a deed restriction on 468 of the apartments which will restrict half to households earning up to 60 percent of the area median income level, and 80 percent for the other half. The apartments include a mix of studio, one-, two-, and three-bedroom units, and the deed restriction will remain in place for a period of 55 years.
The project was enabled by a statutory exemption from property taxes on affordable units in the State of California. HACLA has provided a loan to support the acquisition, the remaining funding for the purchase coming from a Fannie Mae loan and equity raised by Avanath. The total sales price for the property is $220 million, according to a staff report to the HACLA Board of Commissioners.
Read the full article on LA.Urbanize.City.
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