HACLA Acquires 154 Housing Units to Expand Affordability in Los Angeles

Los Angeles, CA - The Housing Authority of the City of Los Angeles (HACLA) recently acquired the 154-unit Emerald Apartments, furthering its mission to expand the supply of affordable housing in the City of Los Angeles. Building on the success of prior acquisitions such as Clarendon Apartments, HACLA is again leveraging innovative financing structures and partnerships to deliver affordability at scale and with speed.

This acquisition will utilize the U.S. Department of Housing and Urban Development's (HUD) Restore-Rebuild Program to bring deep affordability with federal rental subsidies. For Emerald Apartments, 24% of the units will be set aside for households with incomes at or below 30% and 50% of AMI. HACLA will restrict the balance of the formerly market rate units upon natural unit turnover to households between 60% and 120% AMI, at rents no more than 30% of a household's adjusted income, guaranteeing long term affordability.

"With strong demand for low-cost housing in our city, we laser-focused on increasing the supply of affordable housing and the Emerald represents another step in our comprehensive strategy," said Lourdes Castro Ramirez, President & CEO of HACLA. "We are grateful to our partners at City National Bank and HUD for their collaboration, ensuring that more families can access safe, stable, and affordable housing."

The transaction was closed utilizing funding from City National Bank, and permanent financing will be taken out in 2026. Households that qualify based on income will benefit from reduced rents as vacant units will be leased to households at affordable levels ranging from 30% to 120% of Area Median Income (AMI). Six accessory dwelling units (ADUs) and 2,400 square feet of community-serving retail space will be constructed in the coming months.

"This creative partnership is just another example of HACLA's innovative approach to increasing affordable housing in Los Angeles," said HACLA Board Chair Cielo Castro. "This acquisition addresses the urgent need for so many Los Angeles families, and we look forward to building on it in the future."

"The Emerald acquisition is about protecting our neighborhoods and ensuring working-class Angelenos have access to safe, stable, and affordable housing," said Councilmember Ysabel Jurado, who represents Council District 14. "By preserving affordability in existing communities, we are keeping families together, preventing displacement, and building a Los Angeles where every family can thrive."

Built in 2023, Emerald is located within the South Park neighborhood in Downtown Los Angeles, near Crypto.com Arena, the Los Angeles Convention Center, transit, employment centers, and retail shopping. It includes a mix of studio, one-, two-, and three-bedroom units, and a range of amenities for residents, including a pool, an exercise facility, a community room, and a structured parking deck. The affordable restrictions will be achieved as units turn over, ensuring that no family is displaced.

HACLA purchased the property for approximately $322,665 per unit, inclusive of the ADUs, in alignment with its goals to use public resources as efficiently as possible and to recycle capital in the development market. HACLA closed the transaction after 98 days, once again demonstrating its capacity and commitment to fast execution and to being a best-in-class partner for private sector developers in Los Angeles. Blake Rogers of JLL Capital Markets represented the seller in the transaction.

HACLA has emerged as one of the largest buyers of multifamily properties in the City of Los Angeles, closing on nearly 40 acquisition transactions with more than 2,750 units in the last four years. The majority of those units are being utilized as permanent supportive housing for families and individuals who were experiencing or were at risk of homelessness.

HACLA is also actively engaged in the redevelopment of its traditional public housing across the City to create models of social housing for the future, with major investments in South Los Angeles, East Los Angeles and Downtown. HACLA frequently partners with for-profit and non-profit development partners and is an active issuer of tax-exempt governmental and private activity bonds to support affordable housing development and acquisition.

About HACLA

The Housing Authority of the City of Los Angeles (HACLA), established in 1938, provides affordable housing, rental assistance, and supportive services to more than 200,000 Angelenos. Its administrative portfolio includes 164 properties - 13 of which are public housing developments - totaling over 12,000 units, along with more than 60,000 Housing Vouchers and Certificates through the Section 8 program. For more information, visit https://www.hacla.org.

Contact

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