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The LA County Equity Explorer has a COVID-19 Vulnerability and Recovery Index. | Image courtesy of Los Angeles County
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Los Angeles County is offering $10 million in grants for nonprofit organizations to acquire vacant or abandoned properties in areas most negatively affected by the coronavirus pandemic, the Department of Economic Opportunity announced Monday.
The Commercial Acquisition Fund, which is bankrolled by the federal American Rescue Plan Act, will supply grant awards this year ranging from $500,000 to $2 million for land acquisitions that must close escrow by Dec. 1, according to the county.
To be eligible, organizations must be active nonprofits, including community development corporations and community land trusts, or be LA County-certified businesses that partner with nonprofit organizations, officials said. Applicants also must not be “disbarred” by any government entity “or have unresolved violations noted in the County’s contracting database.”
The grants involve a two-step application process.
Applicants must first gain the county’s “qualifying acquisition entity” designation following an evaluation of their real estate experience, “commitment to community impact” and financial capacity to finish a development project. QAE’s may then apply for funding to buy commercial properties that must:
- Be in “highest” and “high need” areas based on the county’s COVID-19 Vulnerability and Recovery Index in the Equity Explorer Tool, which is an online map platform;
- Have a fiscally feasible rehabilitation and operations plan;
- Lease available space to qualifying small businesses and nonprofit organizations; and
- Have a 55-year covenant limiting rents to below-market rates.
QAE applications are due May 20 at 5 p.m. On June 3 officials will send out QAE notifications, and on June 10 QAE’s can start submitting funding applications, according to the county.
Application training sessions are scheuled online, April 24 starting at 10 a.m., and in-person, May 9 at 10 a.m. Online RSVP is required to attend.
More information on the grant program is at the Economic Opportunity Department’s website.
