LIIF Finances LINC Project with Newly Recapitalized LA County Housing Fund
With financing from the Low Income Investment Fund (LIIF) and the Community Development Commission of the County of Los Angeles (Commission), LINC Housing (LINC) will acquire a property in the Willowbrook neighborhood of Los Angeles to build 63 units of affordable rental housing with 31 units set aside for formerly homeless households. LIIF provided $1 million in acquisition financing to LINC through the newly restructured Los Angeles County Housing Innovation Fund (LACHIF) II.
LACHIF II is a public-private partnership among the Commission and LIIF, Century Housing and Corporation for Supportive Housing. The County of Los Angeles repurposed nearly $20 million from the original pool of LACHIF funds to support the growth of quality, affordable housing opportunities. LACHIF II provides affordable, flexible loans to nonprofit and for-profit affordable and supportive housing developers to acquire land or existing properties in Los Angeles County neighborhoods.
“We are excited to continue our partnership with the Commission on this innovative program to create and preserve affordable housing for families in Los Angeles County. We commend the Commission for its commitment to providing developers with the flexible and affordable financing needed in today’s economic environment,” noted Cecile Chalifour, Director, California Region, at LIIF. “LIIF is also grateful to Capital One Foundation for supporting our efforts to preserve affordable housing for California’s low income families.”
Housing affordability remains a top economic concern for residents of Los Angeles, where housing rents have risen 25% between 2000 and 2012. In order to maximize its impact, LACHIF II will support a wider range of qualifying projects and product offerings, including preservation, portfolio recapitalization projects and predevelopment loans. In addition, the new program will feature a streamlined approval process to better meet the needs of developers.
- Learn more about LIIF’s Captial for Affordable Housing
- Learn more about LIIF’s Affordable Housing Projects