The AIDS Healthcare Foundation, which has struggled to operate housing for the formerly homeless, has agreed to pay $27 million to buy six Skid Row properties out of receivership.
A half dozen properties that are owned by a failed Skid Row landlord should be sold to the AIDS Healthcare Foundation, the court-ordered receiver overseeing the buildings said, despite the Hollywood-based nonprofit's problematic history of operating low-income housing. The foundation has agreed to pay $27 million for six properties owned by the Skid Row Housing Trust, which financially collapsed last year.
Singer said he’s continuing to negotiate with two other bidders to purchase six other buildings. Los Angeles Superior Court Judge Mitchell Beckloff, who had been in charge of the receivership case, retired this month. Singer is asking Beckloff’s replacement, Stephen Goorvitch, for a hearing to approve the sale of the buildings to the foundation no later than May 10. Without an influx of cash, Singer wrote in his filings, the receivership will run out of money in May.
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