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WHAT'S NEW
LIIF, ENTERPRISE AND SAN FRANCISCO MAYOR'S OFFICE OF HOUSING TO LAUNCH AFFORDABLE MULTIFAMILY RETROFIT INITIATIVE IN THE BAY AREA
The State of California awarded $3 million in funding from the State Energy Program (SEP) to a partnership of the San Francisco Mayor’s Office of Housing, Enterprise Community Partners, Inc. and LIIF. The award is the first of its kind to bring the benefits of energy efficiency and green retrofits to Bay Area families living in affordable housing and will result in the retrofit of 26 buildings over the next two years.
The new Affordable Multifamily Retrofit Initiative will leverage the initial award amount to create a green retrofit loan fund. Beginning this spring, the partners will provide technical support and loans to projects in the cities of San Francisco, Berkeley and Oakland as well as other Bay Area jurisdictions. Loans will finance energy and water efficiency improvements to existing, older affordable multifamily housing developments and be repaid through savings on utility expenses. The initiative is projected to serve 1,300 apartments in the targeted areas, reducing energy and water consumption by at least 25 percent.
- Read more about the Affordable Multifamily Retrofit Initiative.
LOS ANGELES COUNTY HOUSING INNOVATION FUND LAUNCHED
LIIF has partnered with the Los Angeles County Community Development Commission, Century Housing, the Corporation for Supportive Housing, Citi Community Capital and OneCalifornia Bank to launch a $60 million affordable housing fund for Los Angeles County.
The Los Angeles County Housing Innovation Fund (LACHIF) provides acquisition and predevelopment financing to nonprofit and for-profit affordable and supportive housing developers. By increasing capital access for developers, LACHIF will increase the number of quality, affordable housing opportunities for individuals and families most in need. Los Angeles County Supervisor Mark Ridley-Thomas said of the fund, "LACHIF will serve as a vehicle to further the County’s investment in affordable housing and reducing homelessness. The development of affordable housing will foster the creation of jobs and revitalization of underserved areas.”
- Read the fund launch press release.
- Learn more about LACHIF.
NEW YORK GOVERNOR SELECTS LIIF AND PARTNERS FOR STATE FRESH FOODS INITIATIVE
The Governor's Healthy Food/Healthy Communities Initiative is committing $10 million to the project. LIIF, TRF and the Food Trust will leverage the state's investment at a 2-1 ratio to provide $30 million in grants and loans to food markets that increase access to affordable, healthy, fresh food to underserved communities.
A strong supporter of healthy foods efforts, U.S. Senator Kirsten Gillibrand (D-NY) noted, "I am working hard in Washington every day to ensure that New York residents have access to nutritious and affordable food. We need to continue to support successful organizations like the Low Income Investment Fund, The Reinvestment Fund and the Food Trust that help green our state’s economy, empower food markets in underserved areas, and provide New York families critically needed access to healthy, local food.”
LIIF TO INVEST $50 MILLION IN GREEN BUILDINGS AND LAUNCH $3 MILLION GREEN OPPORTUNITY FUND
LIIF is launching the $3 million Green Opportunity Fund (GO Fund) in the Los Angeles area as part of a broader commitment to invest $50 million in green building development in low income communities over the next three years. This is the first fund dedicated to financing energy efficiency retrofits and installations for community facilities, such as charter schools, child care centers, health care clinics and senior centers.
“Greener facilities benefit people’s health, the environment and an organization’s bottom line. LIIF’s $50 million investment in green development ensures that low income people see these benefits in their everyday lives,” says LIIF President and CEO Nancy O. Andrews. “The GO Fund marks the start of a new chapter for LIIF and provides a financing solution that wasn’t possible before. We hope to bring more public and private partners to the table with this initiative to create new opportunities for underserved communities.”
One of the GO Fund’s earliest partners is the MetLife Foundation, which provided seed funding for the initiative. “The GO Fund is an exciting new effort that advances the goals we share with LIIF – building healthy communities and providing economic opportunity for low income people,” says Dennis White, President and CEO of MetLife Foundation. Read more about LIIF's Green Commitment and the GO Fund.
LIIF RECEIVES $45 MILLION NMTC ALLOCATION FROM U.S. TREASURY
The U.S. Treasury Department announced today that LIIF received a $45 million allocation of New Markets Tax Credits. LIIF was among the 99 organizations nationally to receive an allocation from the $5 billion in awards announced by Treasury Secretary Timothy Geithner. LIIF’s President and CEO Nancy O. Andrews noted, “The New Markets Tax Credit program is critical for the Low Income Investment Fund to be able to bring private investments into economically distressed neighborhoods. Our award from the U.S. Treasury means better schools, higher quality child care and more jobs for the communities that have been the hardest hit by the recession. This allocation could not have come at a better time for the low income families that benefit from LIIF's work.” Read LIIF's statement.