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HOUSING
For 25 years, affordable housing has been the cornerstone of LIIF’s capital delivery programs and it remains one of LIIF’s most active program areas. In the past three years, approximately 66 percent of LIIF’s total loan closings have been for affordable housing projects. LIIF has served approximately 150,000 individuals with safe, secure and affordable housing alternatives. To date, LIIF has provided almost $500 million nationally in capital and technical assistance to developers of affordable housing, as well as housing for special needs populations. LIIF’s financing has supported 54,000 units of affordable housing nationwide.
LIIF was founded with a focus on affordable housing because the lack of affordable housing is a powerful contributor to families’ inability to escape from poverty. The housing LIIF has supported since its inception has saved low income families over $10.2 billion due to the reduced rents and mortgage expenses of affordable housing.
Without affordable housing, other social investments like employment training for adults and education for children are less effective. In contrast, reasonably priced housing allows families to participate in the labor force and to remain there more productively. Housing allows families to make additional investments in their children's health and education. In essence, housing subsidies are a threshold investment for society.
HOUSING PROJECTS
Affordable housing in Westchester County, New York. Low income housing availability is a vital first step to ending the cycle of poverty for many disadvantaged individuals and families across the nation. To that end, LIIF is staying true to its vision – creating pathways of opportunity for the very poor – by providing 120 low income residents of Westchester County, New York with affordable housing alternatives in a town north of Manhattan. LIIF recently provided a $1.4 million acquisition loan and a $420,000 predevelopment loan to Westhab, Inc., a New York 501(c)(3) nonprofit corporation, to develop a four-story workforce housing property (Property), located on 22 Tarrytown Road in Greenburgh. Upon completion, the new 34,000 square foot Property will contain 43 rental apartments all for families earning 30 percent to 90 percent Area Median Income, with seven units reserved for formerly homeless veterans. The Westhab project will offer an estimated $4.2 million in rental savings for its residents, allowing them to reallocate time and energy that might have been spent on paying New York’s high rental costs to more gainful pursuits and other critical needs such as child care, health care and job advancement opportunities.
Housing for Individuals with Special Needs in Oakland. LIIF recently closed a $500,000 predevelopment loan to Affordable Housing Associates (AHA) to develop the Fairmount Avenue Apartments in Oakland, California. LIIF’s early stage capital will enable AHA to acquire and rehabilitate the property, preserving 31 one-and two-bedroom apartments into high-quality, long-term rental units for low income residents. Up to 12 of the units will be set aside for special needs tenants, including homeless people and those at-risk of homelessness. The remaining apartments will be provided for very-low income tenants. With poverty rates of 11.2 percent in Alameda County, affordable housing options are critical in enabling disadvantaged families and individuals move beyond basic survival to securing a more sustainable and lucrative future. LIIF’s financial impact to the Fairmont residents over the life of the project will result in savings of $12 million in rental costs.
For information on LIIF's housing products, go to HOUSING LOANS.