SANTA MONICA—On August 12, the city of Santa Monica announced it is issuing a Request for Expression of Interest, or RFEI, to solicit property owners interested in joining the city’s new Master Leasing Program.
Master leasing is a strategy for Santa Monica to increase available interim housing capacity by leasing residential units, multifamily buildings and hotel properties directly from owners and subleasing them to individuals experiencing or at-risk of homelessness.
The program is part of Santa Monica’s newly introduced Housing Focused System of Care, a way for the city to further its priority of Developing Affordable, Livable, Secure Housing for All by creating a structured pathway to housing for individuals, with city oversight at each stage of the process.
Interested property owners can apply to the program for an entire building or for individual units. With mutual interest, the property owner and the city or its nonprofit partner enter into a master lease agreement for up to five years, subject to annual renewals. The city or nonprofit becomes the “master tenant” and is responsible for the monthly rent, lease-up, security and supportive services for tenants.
“Creating this Master Leasing program is one of several steps the city is taking to build a true pathway to housing stability for our city’s unhoused and at-risk individuals,” Housing and Human Services Director Aileen Reynolds said. “Our goal is to make this program a positive experience for everyone involved. Property owners can rely on the city to maintain the units, quickly fill vacancies, provide on-site support services for residents, and pay rent on time. At the same time, these apartments provide safe, stable interim housing for people as they work toward securing permanent housing, offering a safe place to stay while they prepare for their next chapter.”
For more details on the Master Leasing Program and to complete the RFEI form visit www.santamonica.gov/request-for-expression-of-interest-rfei-santa-monica-master-leasing.
