The foundation has revenue of $2 billion a year mainly from its pharmacies, aims to continue providing housing for the homeless through the purchased properties, despite previous issues with operations.
Despite challenges such as heating, plumbing failures, vermin infestations, and increased tenant complaints and crime, the foundation has increased occupancy by nearly 200% and housed almost 1,000 people.
The purchase of six properties by AIDS Healthcare Foundation, which could accelerate its growth as a landlord, is deemed to be in the best interest of tenants, creditors, and all involved parties.
Properties like Boyd, Hart, and St. George single-room hotels, along with Lincoln, New Carver, and Rainbow apartments from Skid Row Housing Trust, are to be added to the foundation's existing portfolio, totaling 415 units.
#aids-healthcare-foundation #skid-row-housing-trust #homelessness #property-acquisition #operational-challenges
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