Using a combination of State and Federal funds, the Los Angeles County Board of Supervisors has voted to authorize the purchase of a Holiday Inn hotel in Long Beach, with the intent of converting the building into interim or permanent supportive housing.
The hotel, located at 1133 Atlantic Avenue, is a nondescript three-story structure which was completed in the early 1990s. Under the approved arrangement, the County will purchase the property for approximately $20.5 million, while also budgeting an additional $1 million to the project to account for due diligence and closing costs.
The bulk of the funding for the project is expected to come from the State of California's Project Homekey program. The County has requested approximately $17.5 million in grant funding from the State, and intends to account for the remaining balance through existing money allotted via the Federal CARES Act.
The Long Beach Holiday Inn is the ninth Los Angeles area hotel slated for purchase by the County using Project Homekey Funds. The Board of Supervisors approved the acquisition of eight additional properties for a total of $75 million at its September 29 meeting.
Independently of the County effort, the Cities of Long Beach and Los Angeles have also been awarded funding to convert hotels into homeless housing via Project Homekey.
- Project Homekey (Urbanize LA)