AHF Withdraws Bid to Purchase Skid Row Housing Trust Buildings
25 Abril 2024 - 12:00PM
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240425867826/en/
Ged Kenslea, AHF Sr. Comms Dir. (323) 791-5526
Ged.Kenslea@ahf.org