Quantcast

The Real Deal Los Angeles

After losing its battle to curb LA development, AHF launches affordable housing division

The nonprofit plans to renovate and rent out the Madison Hotel on Seventh St. at low rates
October 09, 2017 10:00AM

Madison Hotel at 423 E 7th Street, with Michael Weinstein (Loopnet/Getty)

The AIDS Healthcare Foundation, which poured money into the failed development-curbing Measure S, is creating a new division, labeled Healthy Housing Foundation.

Its first project will take shape at Skid Row’s Madison Hotel on Seventh Street, which it purchased for $8 million, the Los Angeles Times reported. The foundation, led by polarizing figure Michael Weinstein, plans to renovate the single-room-occupancy building and rent out rooms at monthly asks under $400. AHF will prioritize potential residents who have HIV and other chronic illnesses. It also plans on buying a Hollywood motel, as well as a property in Florida.

The nonprofit’s recent push into affordable housing follows its defeat of the highly controversial Measure S, which would have stopped most development projects in Los Angeles for two years. The well-funded campaign drew the ire of both developers and affordable housing advocates, who said it would limit supply during a housing crises, driving rents skyward at record speed.

The group most recently opposed SB-35, which will require cities and counties to limit environmental, planning and other reviews for certain developments. Much to the AHF’s chagrin, Gov. Jerry Brown recently signed SB-35 into law as part of a larger housing package. [LAT]Natalie Hoberman