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LA Más Uses Community Ownership to Preserve Affordable Housing

Company: 

LA Más

Since late 2024, LA Más has acquired three Naturally Occurring Affordable Housing (NOAH) properties and is moving ownership toward community-based models. The model combines property acquisition, preservation, public-private financing and community ownership to protect existing affordable housing and give residents greater influence over the future of their neighborhoods.

Under the leadership of executive director Helen Leung, LA Más has preserved 22 homes at affordable rents for more than 65 residents and expects to have four properties totaling 54 units that will serve nearly 140 residents, unlocking approximately $15 million in funding in the process.

At 3130 Arvia Street, LA Más used a $250,000 investment through the city’s LA4LA initiative to preserve five units as permanently affordable housing. The project also added a two-bedroom, two-bath accessory dwelling unit, helping maintain affordability for existing residents while adding housing.

At 3330 Chapman Street, the company preserved 12 homes, maintaining rents at 30% to 50% below market rates. The project costs approximately $180,000 per unit without public subsidies and preserves housing for four generations of a single family.

The organization also has two properties, at 3407 Drew Street and 3411 Drew Street, in escrow with Self-Help Ventures Fund. LA Más and its partner were among 10 organizations recommended for more than $7 million in public funding through the Los Angeles County Affordable Housing Solutions Agency’s inaugural Production + Preservation Fund.

These are some of the reasons why LA Más was selected to receive ApartmentBuildings.com’s AB 100 Innovators of the Year Award, which recognizes those who demonstrate creativity, skill and success in the multifamily industry.Bio to go here

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