Economic Mobility Initiative-Commercial Acquisition Fund

ECONOMIC OPPORTUNITY

County Spending Category
2.1 Small Businesses, Entrepreneurs, and Nonprofits
Federal Expenditure Category
Housing Support: Other Housing Assistance
Project Launch Date
09/30/2024
Anticipated End Date
09/15/2024
Project Contacts Indicators & Metrics Target Populations Project Description Goals & Objectives

Project Contacts

Indicators & Metrics to Date

  • Number of Households Receiving Eviction Prevention Services (Including Legal Representation)
    0
  • Number of Affordable Housing Units Preserved or Developed
    0
  • Number of potentially eligible entities reached through outreach efforts
    0
  • Number of applicants receiving technical assistance
    0
  • Number of overall applications and number of qualified applications meeting selection criteria
    0
  • Number of properties acquired
    0
  • Number of qualified projects funded
    0
  • Status of qualified projects in progress of implementation, including successes, milestones reached
    0
  • Number of qualified projects completing rehabilitation milestones
    0
  • Percentage of properties acquired in QCTs and in communities with risk of gentrification and displacement
    0
  • Percentage of properties in pipeline for rehabilitation in QCTs and in communities with risk of gentrification and displacement
    0
  • Compliance rate for each project on required covenants
    0

Target Populations

Project Description

The Commercial Acquisition Fund (Fund) aims to invest in communities that have historically been economically disadvantaged and improve long-term economic outcomes. The Fund will focus on providing capital to community-based partners (grantees) with the history, experience, and commitment to equitable economic development to enable acquisition of vacant or abandoned commercial parcels. ARPA funds will only be utilized to acquire properties. After acquisition, the community-based partners will rehabilitate the vacant commercial properties and transition them into affordable commercial spaces for local small businesses most impacted by the pandemic based on the COVID-19 vulnerability and recovery index in the Equity Explorer Tool. All activities past acquisition of the land will be funded through separate means. Definition: Vacant or abandoned properties are generally those that have been unoccupied for an extended period of time or have no active owner. An extended period of time for these purposes is two years or more. Such properties include both vacant land and properties with vacant structures on the land. Such properties may be in significant disrepair (e.g., major structural defects; lack of weather tight conditions; or lack of useable plumbing, kitchen facilities, electricity, or heating infrastructure (not to include utilities currently out of service or disconnected but able to be reconnected and used) or may be declared unfit for inhabitants by a government authority. [31 CFR Part 35]

Goals & Objectives

Goal Description Acquire vacant or abandoned properties to ensure equitable access to affordable commercial rental space for businesses at risk of displacement or have become displaced and were negatively economically impacted by the pandemic.

Objective Description Acquire between 5 and to 10 vacant or abandoned properties in QCTs across LA County by December 2024.

Activity Description Activity 1: Execute a subrecipient agreement with a third-party administrator by July 31, 2023.
Indicators
# Type Name Baseline Target
2 Performance Number of potentially eligible entities reached through outreach efforts

Objective Description Identify at least 5 properties in QCTs across LA County by December 2024

Activity Description Establish and launch a process to solicit community-based organizations to receive grants that support the acquisition of vacant properties.
Indicators
# Type Name Baseline Target
2 Performance Number of potentially eligible entities reached through outreach efforts

Activity Description Solicit and identify organizations through an application process with qualifying criteria.
Indicators
# Type Name Baseline Target
2 Performance Number of potentially eligible entities reached through outreach efforts
4 Service Delivery Number of overall applications and number of qualified applications meeting selection criteria

Activity Description Distribute grants to community-based partners ranging from $500,000 to $2,000,000 by December 2024.
Indicators
# Type Name Baseline Target
6 Program Outcome Number of qualified projects funded

Activity Description Identify 5 to 10 properties in QCTs across LA County by November 2024
Indicators
# Type Name Baseline Target
4 Service Delivery Number of overall applications and number of qualified applications meeting selection criteria

Activity Description Initiate and/or complete process of acquisition of 5 to 10 properties in QCTs across LA County by December 2024
Indicators
# Type Name Baseline Target
5 Program Outcome Number of properties acquired
8 Program Outcome Number of qualified projects completing rehabilitation milestones

Activity Description Develop and record covenants as part of the property disposition.
Indicators
# Type Name Baseline Target
1 Program Outcome Compliance rate for each project on required covenants

Outcome Description Acquisition of 5-10 vacant or abandoned properties with covenants and positioned for rehabilitation.
Indicators
# Type Name Baseline Target
1 Program Outcome Compliance rate for each project on required covenants
7 Performance Status of qualified projects in progress of implementation, including successes, milestones reached
8 Program Outcome Number of qualified projects completing rehabilitation milestones
9 Program Outcome Percentage of properties acquired in QCTs and in communities with risk of gentrification and displacement
10 Program Outcome Percentage of properties in pipeline for rehabilitation in QCTs and in communities with risk of gentrification and displacement

Outcome Description Increased economic opportunities in the long-term for small businesses located in QCTs and disproportionately impacted by COVID-19
Indicators
# Type Name Baseline Target
7 Performance Status of qualified projects in progress of implementation, including successes, milestones reached