Los Angeles Early Care and Education Bridge Fund Preserves Affordable Child Care for Thousands of Working Families
FOR IMMEDIATE RELEASE: July 17, 2014
Los Angeles – Today, the Low Income Investment Fund (LIIF) announced a third round of funding to support 11 nonprofit child development providers through its Los Angeles Early Childhood Education (LA ECE) Bridge Fund. The LA ECE Bridge Fund provides financing for early care and education providers in Los Angeles County facing delays in state child care subsidy payments. Launched with support from the California Community Foundation and First 5 LA, the fund preserves and promotes the accessibility of quality early learning opportunities to nearly 1,000 children each year.
Modeled after LIIF’s successful programs in San Francisco and Alameda Counties, the LA ECE Bridge Fund has invested more than $3.5 million in child care providers to date. The third round of bridge funding of nearly $1.8 million was awarded to 11 organizations in Los Angeles county, preserving a total of 3,291 child care slots 529 staff jobs and 2,734 parent jobs.
“The Los Angeles Early Childhood Education Bridge Fund is completely aligned with the Low Income Investment Fund’s mission. It fills a critical financing gap for early education providers and preserves access to high-quality early childhood education,” said Candace Wong, Director of California Child Development Programs at LIIF. “LIIF is proud to partner with the California Community Foundation and First 5 LA to bring this resource to Los Angeles County. Together, we are helping working
parents and improving the overall quality of care available to all Los Angeles County families.”
“Working together with the California Community Foundation and LIIF to provide temporary funds for child-care facilities is a critical component of maintaining access to needed services and building economically stable communities in Los Angeles County,” said Kim Belshé, executive director of First 5 LA.
“Working parents across LA County are reliant on trusted, quality child care as they are on any other of life’s necessities,” said Antonia Hernández, president and CEO for the California Community Foundation. “The LA ECE Bridge Fund plays an important role, and in fact a lifeline in some cases for families in keeping child care centers open during funding delays. On broader scale, the fund helps identify some of the main issues facing these childcare providers. Although we can help identify needs, increased collaboration from a variety of partners is required to develop longer term solutions.”
The LA ECE Bridge Fund helps high quality child care providers, which are often small businesses, manage their cash flow and bridge the timing of state payments. Long Beach-based Comprehensive Child Development (CCD) is receiving its second year of support through the fund. CCD serves over 400 children every day through a network of child care centers and family care providers. CCD Executive Director Tammie Kyle notes, “The LA ECE Bridge Fund gave us the assurance that we would be able to pay staff, and most importantly, ensure that our services would go uninterrupted for children and parents. The LA ECE Bridge Fund helped remove many barriers we faced in traditional financing markets and allowed CCD to continue to offer high-quality, affordable care for our community.”
The LA ECE Bridge Fund financing will help keep CCD’s facilities open, including a site that serves 53 children at the Villages at Cabrillo. The CCD facility provides child care alongside comprehensive services for veterans and homeless families, including transitional housing and medical services.
About the Low Income Investment Fund:
The Low Income Investment Fund (LIIF) invests capital to support healthy families and communities. Since 1984, LIIF has served 1.7 million people by investing $1.5 billion. Over its history, LIIF has provided financing and technical assistance to create and preserve affordable housing, child care centers, schools, healthy food retail, health clinics and transit-oriented development in distressed neighborhoods nationwide. LIIF’s work has generated more than $30 billion in family income and societal benefits. LIIF has offices in San Francisco, Los Angeles, New York City and Washington, D.C. For more information about LIIF, visit www.liifund.org.
About First 5 LA
First 5 LA oversees the L.A. County allocation of funds from Proposition 10, which added a 50-cent tax on tobacco products sold in California. Funds raised help pay for health care, education and child development programs for children from the prenatal stage to age five and their families. First 5 LA’s mission is to increase the number of young children who are physically and emotionally healthy, safe, and ready to learn. For more information, please visit www.first5la.org.
About the California Community Foundation:
California Community Foundation (CCF) unites the power of philanthropy with innovative strategies to create greater equity, opportunity and prosperity in Los Angeles County. We have served as a public, charitable organization since 1915, empowering donors to pursue their own personal passions and to collaborate with us in transforming Los Angeles. CCF stewards nearly $1.4 billion in total assets and manages more than 1,700 charitable foundations, funds and legacies. For more information, visit www.calfund.org or follow us on Facebook at www.facebook.com/calfund.
Low Income Investment Fund: Samantha Hojo,
First 5 Los Angeles: Sharon Woodson-Bryant,
California Community Foundation: Chris Compton, email@example.com, 213-413-4130 ext. 223