City Housing Authority signs deal for Panorama City apartments

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14949 Roscoe Boulevard in Panorama City, and HACLA President / CEO Douglas Guthrie (HACLA, Google Maps)

The Housing Authority of the city of Los Angeles has set its sights on another possibility of Project Homekey: an apartment building in Panorama City.

Urbanize reported that HACLA has sent a notice indicating its intention to purchase a two-story, 31-unit apartment building at 14949 Roscoe Boulevard. HACLA is expected to pay $ 10 million for the complex, or about $ 345,000 per unit.

The building dates from the 1970s and is approximately 21,000 square feet, according to city records. According to Urbanize, the sale is expected to close by the end of January, although an extension is available until May.

Project Homekey is a state of California program that provides funds to local governments to purchase housing for the homeless. It was designed to succeed the Project Roomkey program, a program during the pandemic that paid for hotel rooms for the homeless.

The state received $ 2.75 billion in federal funds for the Homekey project over the next two years. California has allocated around $ 358 million to LA County and county municipalities to be spent by the end of next month.

So far, the program has allocated funds to acquire 15 properties in the Los Angeles area, for a total of $ 120 million, to which is added another $ 60 million from other sources. Purchases represent 744 units. In September, city officials predicted that Los Angeles could purchase between 500 and 1,000 hotel rooms through the program over the next two years.

In November, HACLA agreed to pay developer Haroni Investments $ 49.5 million for a 128-unit apartment complex under construction at 1654 Florence Avenue. It seemed to mark the first time the city had purchased a building other than a hotel as part of the project.

Public authorities have estimated that there are about 40,000 homeless in the city of Los Angeles and about 65,000 throughout the county.

[Urbanize] – Holden Walter Warner


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