LIIF provides $6.8 Million to Two Housing Projects for Vulnerable Populations in California
Affordable Housing for Low-income Families and Special Needs Individuals
LIIF recently provided a $4.1 million acquisition loan and $750,000 predevelopment loan to Affirmed Housing Group for the acquisition of land to build Barry Apartments, a 61-unit complex in West Los Angeles. The project will serve both low-income families and individuals with disabilities. The project will be located in a highly resourced area thanks to incentives from the City of Los Angeles to build affordable and supportive housing near highly rated public schools, supermarkets, jobs and neighborhood amenities.
Supportive Housing for Seniors, Veterans and Formerly Homeless Individuals
LIIF also recently provided a $500,000 predevelopment loan to San Diego Community Housing Corporation for the Valley Parkway Senior Apartments in Escondido, CA. The loan helped to fund the acquisition of land to build 50 affordable senior housing units, including 15 units reserved for homeless senior veterans, 15 units for seniors in poor health qualifying under the Program of All-Inclusive Care for the Elderly and 19 units for low-income seniors. The units will be affordable to those earing 25-50% Area Median Income.