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**HACLA Acquires Emerald Apartments to Expand Housing Affordability in Downtown LA**
The Housing Authority of the City of Los Angeles (HACLA) has announced the acquisition of the 154-unit Emerald Apartments, located in the South Park neighborhood of Downtown Los Angeles. The purchase was made possible through funding from City National Bank, with plans for permanent financing to be secured in 2026.
This acquisition is part of HACLA’s ongoing efforts to address the city’s urgent housing needs. The property will undergo a transformation under the U.S. Department of Housing and Urban Development’s (HUD) Restore-Rebuild Program, which provides federal rental subsidies to support deep affordability.
As part of the affordability strategy, 24 percent of the units at Emerald Apartments will be reserved for households earning at or below 30% to 50% of the area median income (AMI). The remaining formerly market-rate units will be converted, upon natural turnover, into affordable homes for households earning between 60% and 120% of AMI. These units will be offered at rents not exceeding 30% of a household’s adjusted income, ensuring 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 and 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.”
This acquisition marks a continued commitment by HACLA to expand affordable housing options and preserve economic diversity in Los Angeles communities.
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