New Fund’s First Loan Preserves 90 Homes for California Seniors

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The Low Income Investment Fund (LIIF) is pleased to announce that the Golden State Acquisition Fund (GSAF) has successfully financed its first project with a loan to Preservation Partners Development (PPD) and Clifford Beers Housing to preserve 90 units of affordable senior housing. The $9.2 million acquisition loan, originated by Enterprise Community Loan Fund, enabled PPD to acquire Banning Villa Apartments in Wilmington, California. PPD specializes in rehabilitation and preservation of affordable housing throughout California and will conduct extensive rehabilitation of the property. All 90 units will remain affordable to residents earning up to 60% AMI. LIIF is the Administrative Agent for the program.

LIIF will lead a session on the newly launched GSAF at the Housing California Annual Conference in Sacramento, CA on April 16-18. Attendees will have the opportunity to learn how to access funds from GSAF, including key information on what types of projects can receive GSAF financing and how to apply for funds from originating lenders.

GSAF is a $93 million program that provides acquisition financing to experienced nonprofit and for-profit developers and public agencies for the development or preservation of affordable housing throughout California. Recently launched with $23 million in seed funding from the California Department of Housing and Community Development, GSAF is leveraged with capital from seven community development financial intuitions, including LIIF.

For more information about GSAF, visit the newly launched website at www.goldenstate-fund.com. The site includes eligibility requirements, key financing terms and lender contact information.

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