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Renter to Buyer Program

By Jillian Olivas
June 6, 2013
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To mitigate gentrification and minimize displacement, a strong focus on the renting population is essential. Almost two third of NELA stakeholders are renters. Many of these households rent homes that fall under the Rent Stabilization Ordinance (RSO), which protect tenants from excessive rent increases. The Los Angeles Housing & Community Investment Department (HCID) estimates that nearly 8,000 households, or 56% of housing units, are protected under RSO [Fig. 55]. However, many families are unaware about their rights as tenants.

Many of these renting households also aspire towards homeownership, which requires intentional financial planning and education. Many communities in Los Angeles have community-based organizations that are able to provide the outreach, education, and resources to serve lower-income residents. A leading example is the East Los Angeles Community Corporation (ELACC), which is an extensive asset building team that provides

one-on-one financial counseling and regular workshops, such as first-time home buying and tax preparation.

We recommend a strategic collaboration between the City, the County and regional organizations (such as the Neighborhood Housing Services) and/or local NELA community organizations to prepare and educate NELA renters on issues ranging from renter's rights to financial planning. For example, a NELA community organizations could serve as a connector between housing experts (such as HCID or ELACC) on relevant programs and workshops. Ideally, as new residential units become available, existing renters are well positioned to purchase home and remain stakeholders in their community. Existing renters in NELA will also be better informed

about the full range of resources.

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