The Nonprofit Finance Fund has announced the launch of a $10 million permanent supportive housing fund in Los Angeles.
The Accelerating Permanent Supportive Housing Fund will provide a group of pre-selected developers in Southern California with flexible loans for the construction of permanent supportive housing, a proven method of reducing homelessness. Developers receiving loans will be able to reinvest the funds in multiple projects over an extended period of time. While the fund was launched with a group of developers in mind, it may be expanded, based on strong demand, pending additional philanthropic and investor support.
Investors in the fund include the California Community, Weingart, and UniHealth foundations, with additional funding provided by CCF, CIT Bank, and the Community Development Financial Institutions Fund.
"This investment will help end homelessness for hundreds of people with disabilities who need safe, supportive homes," said Dora Leong Gallo, president and CEO of A Community of Friends, which has received financing from the fund. "This funding allows us to significantly expand the number of projects we're able to move forward simultaneously, making the most of our resources during the complex pre-development phase."
"The Los Angeles community has resoundingly supported the creation of permanent supportive housing to alleviate the homelessness crisis," said NFF vice president and chief investment officer Jennifer Kawar. "We've launched this fund to help developers remove barriers and accelerate construction of critically needed housing."
(Photo credit: National Alliance to End Homelessness)