LIIF & Partners Recieve Affordable Housing Award from HCD

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The Department of Housing and Community Development (HCD) awarded a $23,250,000 loan as seed capital to implement the Golden State Acquisition Fund to finance affordable housing. The loan was awarded to a consortium of four nonprofit community development financial institutions (CDFIs), including LIIF, Enterprise Community Loan Fund, the Rural Community Assistance Corporation and Century Housing. The CDFIs will use the funds to provide loans to developers for affordable housing acquisition and preservation.

Nancy O. Andrews, President and CEO of the Low Income Investment Fund (LIIF), said: “The announcement of the $23.2 million award from the Department of Housing and Community Development is welcome news for the affordable housing industry at a difficult time. Our consortium of leading nonprofit community development financial institutions (CDFIs), comprised of Century Housing, Enterprise Community Loan Fund, Low Income Investment Fund and Rural Communities Assistance Corporation, is looking forward to working together to implement the Golden State Acquisition Fund. We believe the GSAF will help to fill a gap in financing for the development of affordable housing in California.”

Read more about the award in the media release from the HCD Source: Department of Housing and Community Development