The Housing Authority of the City of Los Angeles (HACLA) recently acquired the 154-unit Emerald Apartments, located within the South Park neighborhood in Downtown Los Angeles. The transaction utilized funding from City National Bank, and permanent financing will be taken out in 2026.
The 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.”
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