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:
- Properties with 150+ units
- Properties built or significantly rehabilitated after 2015
- Buildings with higher vacancy rates in order to provide immediate opportunities for new affordable housing units
- A unit-mix that includes 1BR, 2BR and 3BR units and minimal Studio units
- Properties with adequate parking (parking shortages may be mitigated by the availability of public transit and carshare services)
- Buildings that meet or exceed current State and or City ADA 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.
