Commercial Acquisition Fund Program

The Los Angeles County Department of Economic Opportunity (DEO) is launching the Commercial Acquisition Fund (CAF) to provide grants to qualifying nonprofit organizations. This program aims to support the acquisition of vacant or abandoned land and buildings in communities severely impacted by the COVID-19 pandemic. The DEO's mission, through the CAF, aligns with revitalizing economically distressed areas and fostering community resilience by empowering local nonprofit entities to drive economic recovery and development. The target beneficiaries of the CAF are communities in Los Angeles County identified as "highest and high need areas" based on the County’s COVID-19 Vulnerability and Recovery Index in the Equity Explorer Tool. The program prioritizes addressing the negative impacts of the pandemic by facilitating the conversion of underutilized commercial properties into assets that can serve community needs. The impact goal is to stimulate economic activity, improve local infrastructure, and create opportunities for growth in these vulnerable regions. The CAF focuses on the acquisition of vacant or abandoned commercial properties. The program is funded by $10 million in American Rescue Plan Act (ARPA) funds, demonstrating a strategic priority to leverage federal resources for local recovery efforts. Grants will be awarded as recoverable funds, ranging from $500,000 to $2,000,000, indicating a significant investment in each project to ensure substantial impact. The expected outcomes include the successful acquisition and redevelopment of commercial properties, leading to job creation, increased access to essential services, and enhanced community well-being. Measurable results will be tied to the number of properties acquired, the economic benefits generated in the target areas, and the overall improvement in the COVID-19 Vulnerability and Recovery Index. The DEO’s theory of change posits that by empowering qualified nonprofit organizations to acquire and redevelop commercial properties, it can directly address economic disparities and foster sustainable recovery in the communities most affected by the pandemic.