LOS ANGELES–(BUSINESS WIRE)–Today, AIDS Healthcare Foundation (AHF) notified the receiver for the Skid Row Housing Trust that AHF will not buy the six very troubled properties it intended to purchase for $27 million.
During the escrow due diligence process, AHF learned that the six buildings would require $14 million to bring them up to a fully habitable state. In addition, the operations of these properties are on track to lose $10 million in 2024.
While AHF is gratified that the Los Angeles City Council and Mayor Karen Bass have indicated their support for the sale, the current circumstances do not allow for a sustainable model. Any buyer of these properties will find themselves in the same situation that led to the failure of Skid Row Housing Trust in short order unless a new model can be developed.
AHF will continue to expand its portfolio of low-income properties in Los Angeles and across the country and wishes the city success in finding the best way to preserve these valuable housing resources.
AIDS Healthcare Foundation (AHF), the world’s largest HIV/AIDS healthcare organization, provides cutting-edge medicine and advocacy to more than 1.9 million individuals across 47 countries, including the U.S. and in Africa, Latin America/Caribbean, the Asia/Pacific Region, and Eastern Europe. To learn more about AHF, visit us online at AIDShealth.org, find us on Facebook, follow us on Instagram, Twitter, and TikTok, and subscribe to our AHFter Hours podcast.
Contacts
Ged Kenslea, AHF Sr. Comms Dir.
(323) 791-5526
Ged.Kenslea@ahf.org
