99 Year Ground Lease - Los Angeles
I'm a newbie searching for my 1st investment property (hopefully multi-family) and I stumbled across a property under a 99 year ground lease by the Housing Authority of the County of Los Angeles (HACLA).
This is the only article I found about the program (though the specific property I found is not among those mentioned):
https://smmirror.com/2013/06/8-million-bond-to-fun...
Anyone have any experience/guidance on this?
Is there greater risk to me as the investor in a property like this?
If the County owns the land, that makes the property cheaper for me to buy, but of course the goal for the county is to provide affordable housing, so the tenant issues are expected to be on-par with a C-class property (worse?). The property is 1hr+ from where I live, but I'd expect to use a management company.