From KLTA 5 Los Angeles:
The Housing Authority of the City of Los Angeles, aka HACLA, has completed a multi-million dollar purchase of an apartment complex in Crenshaw with a plan of keeping the rentals affordable for decades.
The property is the Residences at Woodlake, an apartment community located at 4555 W. Martin Luther King Jr. Blvd.
HACLA purchased the 276-unit property for a price of more than $76 million.
As part of the purchase, a deed restriction has been placed to ensure that the bulk of the units remain available for residents making less than the city’s median income.
According to a news release from HACLA, half of the units will be restricted to families making less than 80% of the city’s median income, while an additional 10% of the units will be restricted to families making even less.
The restrictions will remain in place for at least 55 years, the Housing Authority said.
Read KTLA 5's article "Los Angeles Housing Authority purchases Crenshaw apartment complex to secure affordable housing for decades."