Location: Pasadena, CA
The Los Angeles County Housing Innovation Fund (LACHIF) is a $60 million public-private partnership among the County of Los Angeles, the Low Income Investment Fund (LIIF), Century Housing (Century) and the Corporation for Supportive Housing (CSH) with the purpose of facilitating the development of affordable housing in Los Angeles County.
LACHIF provides low-cost predevelopment and acquisition financing to support the creation and preservation of affordable housing, including supportive housing projects. By increasing capital access for developers, LACHIF will increase the number of quality, affordable housing opportunities for individuals and families most in need.
LACHIF leverages $20 million in funds from the Community Development Commission of the County of Los Angeles with an additional $40 million in private capital to create a $60 million revolving loan fund that can be accessed by nonprofit and for-profit developers, as well as public agencies, for projects throughout the county.
LIIF, Century and the CSH are the originating lenders for the fund. Additionally, OneCalifornia Bank and Citi Community Capital will invest a combined $22 million in the fund.
The LACHIF can be used to finance acquisition and predevelopment
activities associated with affordable rental housing development in Los Angeles County.
Those eligible to apply for LACHIF loans, include:
Cities in Los Angeles County
Redevelopment Agencies in Los Angeles County
Joint ventures of the above entities
Limited Partnerships or Limited Liability Companies if the sponsor is one of the above entities
TERMS & RATES
Maximum loan amount is $5,000,000, which may include up to $750,000 for predevelopment activities.
The maximum LACHIF loan term is three years, including any extensions.
For the remainder of calendar year 2010, LACHIF interest rates will be 6.4% or 7.0%, depending upon the level of affordability of the project. Please contact one of the originating lenders for more detail.
Please view the Frequently Asked Questions for more information.
To apply, please contact one of the originating lenders.
Carolina Romo, LACHIF Administrator
Community Development Commission of the County of Los Angeles
2 Coral Circle
Monterey Park, CA 91755
Tel: (323) 890-7255
Fax: (323) 890-8576