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Tech wealth is coming to South Los Angeles but not in the way some other neighborhoods in the city have become accustomed to.
A new program backed by the personal philanthropic company of Facebook founder Mark Zuckerberg and his wife, Priscilla Chan, aims to help small landlords there so that properties stay in the hands of locals, stay affordable to locals and help build wealth within the community.
The Los Angeles Local Rental Owners Collaborative, or LROC, is a joint effort of nonprofits, an online property management firm and the Chan Zuckerberg Initiative. It will put $5 million in the hands of landlords particularly those slammed by the COVID-19 pandemic to pay for rent owed by struggling tenants, and for any needed building repairs.
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