LA County’s Commercial Acquisition Fund Program
The Los Angeles County Department of Economic Opportunity presents a golden opportunity through its Commercial Acquisition Fund Program. This initiative aims to empower eligible entities by offering recoverable grants up to $2,000,000.00 for the purchase of vacant land or property within the areas in LA County most affected by the COVID-19 Pandemic.
How to Qualify?
This program is tailored for active non-profit 501(c)(3) organizations or small businesses collaborating with such non-profits. To qualify, applicants must have:
1. A clear business plan for acquisition and development.
2. Three years of financial statements.
3. A commitment to setting lease rates below market rates.
4. Agreement to lease at least 50% of leasable space to Qualified Commercial Tenants (women-owned, minority-owned, veteran-owned, etc.).
5. Experience in commercial real estate or partnership with a commercial real estate firm (preferred).
6. A building or land that has been vacant for two years and is located LA County areas hardest hit by COVID-19.
Before applying for the Commercial Acquisition Funds Program, prospective applicants must first qualify as a Qualifying Acquisition Entity (QAE). The application window for QAE status begins on April 15, 2024, and closes on May 20, 2024. Once approved, organizations can begin submitting applications for funding on June 10, 2024.
The clock is ticking!
Don’t miss out on this incredible opportunity to elevate your non-profit organization and it's ability to make a difference. Qualified non-profits must secure funds and acquire property by December 1, 2024. Time is of the essence, so ensure your application is submitted before May 20, 2024, to be considered.
Seize this opportunity to make a lasting impact in your community. Don’t let this chance slip away – unlock the potential of your non-profit organization with LA County’s Commercial Acquisition Fund Program.
Learn More
Join a free webinar on April 24, 2024, to discover more about the Commercial Acquisition Fund Program. If you have any questions book a free session with an IBC Consultant.
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