Ground lease REIT Safehold Inc. has closed on ground leases for the development of six affordable housing communities in Los Angeles. The Low-Income Housing Tax Credit projects will be developed by HVN Development, a newly established firm focused on delivering high-quality, efficiently designed affordable housing in infill locations throughout Southern California.
“We are excited to establish a relationship with the team at HVN and continue expanding our presence in the affordable housing sector,” said Steve Wylder, Safehold’s head of investments. “We are finding our low-cost, 99-year ground lease capital can be very useful in moving these LIHTC projects forward.”
The developments will provide more than 400 total units upon completion in 2027, across neighborhoods in West and Central Los Angeles and the San Fernando Valley. “These are high-quality infill locations with significant unmet demand for affordable product, and we are pleased our capital could play a role in delivering these communities,” added Safehold VP Ethan Torbati.
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