The Housing Authority of the City of Los Angeles (HACLA), the nation’s second-largest housing authority, closed on a partnership with Ethos Real Estate to purchase the Residences at Woodlake, a 276-unit apartment community in the Crenshaw neighborhood of Los Angeles.
Announced December 22, 2022 on their website, hacla.org, the Housing Authority of the City of Los Angeles (HACLA), the nation’s second-largest housing authority, closed on a partnership with Ethos Real Estate to purchase a276-unit apartment community, the Residences at Woodlake, in Crenshaw neighborhood of Los Angeles.
Together, HACLA and Ethos have placed a deed restriction on the property to ensure that the majority of the units remain affordable for the next 55 years. Under the restriction, half of the units will be restricted to families earning up to 80% of the median income (AMI) for Los Angeles, and 10 percent will be restricted to families earning up to 60% of AMI.
As quoted in the article, Ethos Real Estate Managing Partner Jennifer McElyea commented, "We are extremely grateful to HACLA for their willingness to partner with us on addressing Los Angeles’ affordable housing shortage with a new approach. We are all aware of the limited public funding sources available for affordable housing production and are excited about the scale application that this public private partnership model presents. It’s a testimony to HACLA’s nimbleness, creativity and diligence, that this transaction was able to come to fruition."
Also quoted, HACLA President & CEO Doug Guthrie said, "HACLA is deeply proud to be able to work with dedicated and mission-aligned partners to address Los Angeles’s critical shortage of affordable housing and we look forward to continuing this important work in the new year and beyond."
Read the full article here.