A new public-private partnership has launched a pilot program aimed at preserving affordable housing and preventing foreclosures of rental properties in South Los Angeles.

A collaboration between the Chan Zuckerberg Initiative, Roy + Patricia Disney Family Foundation, Coalition for Responsible Community Development (CRCD), Avail, and Enterprise Community Partners, the Local Rental Owners Collaborative (LROC) will support local independent owners of rental properties at risk of foreclosure or losing their assets to corporate buyers. With the aim of keeping tenants who are struggling to pay rent in their homes, the program will offer qualifying owners a range of benefits, including short-term rental relief grants, combined with long-term financial consulting services, technology tools, and property management resources.

According to LROC, local independent landlords own 76 percent of all unsubsidized, below-market housing units in Los Angeles County, but as a result of the economic impact of the COVID-19 pandemic, many rental owners, especially immigrant and Black, Indigenous, and people of color owners, are having difficulty maintaining their properties.

CRCD will administer the program and manage the approval process for applicants as well as outreach to the local community, while Enterprise Community Partners, which helped design the program, will oversee its financial management and work with CRCD on its implementation and evaluation. According to the Los Angeles Times, CZI has invested $5 million in the project.

"Small rental owners are integral to many communities and often provide housing at affordable rates for residents who would otherwise be priced out of areas like South Los Angeles," said Disney Family Foundation executive director Shawn Escoffery. "This program is the key to stabilizing the affordable housing market and ensuring that mom-and-pop landlords aren’t forced to sell their properties during these difficult times."

(Photo credit: Local Rental Owners Collaborative)