The Housing Authority of the City of Los Angeles (HACLA) closed on a first-of-its-kind financing totaling $70.8 million to support the creation and operation of 459 units of permanent supportive affordable housing for unhoused families in the City of Los Angeles. 

The units are in eight apartment buildings spanning eight different City Council districts across Los Angeles. HACLA acquired the properties between 2020 and 2023 using $117 million in grants from the State of California’s Homekey program and $68 million in loans from HACLA’s line of credit through City National Bank. Each unit is restricted to occupancy for 55 years by households who are experiencing or at risk of homelessness. Seven of the properties were bought as newly constructed or rehabbed market-rate apartment buildings, and one property was a recently built hotel that HACLA converted to studio apartments.