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.

Not an expert but these kinds aren’t for single lots. It will not be cheaper,
whoever gets the land, needs to make money to pay the city and bonds. You pay for rent for 99 years plus regular taxes. If you can’t get a surety to bond for the whole 8M, you can’t really do anything.

@Manolo D. - thanks for the reply.  Do you know what this type of county land lease program thing is called?  I can't find a resource to explain it.

Originally posted by @Brian Dibene :

@Manolo D. - thanks for the reply.  Do you know what this type of county land lease program thing is called?  I can't find a resource to explain it.

 No, you could call HACLA and ask for information, it's free. I know school districts name it "Lease Lease Back"