Three Foundations Launch $16 Million Los Angeles Housing Plan

Three Foundations Launch $16 Million Los Angeles Housing Plan

The California Community Foundation, in partnership with the Conrad N. Hilton and Weingart foundations, has announced a $16 million plan to provide loans and grants aimed at boosting permanent housing solutions (PSHs) for the vulnerable homeless in Los Angeles.

Developed with input from nonprofit housing developers and lenders, the plan calls on the city to produce at least one thousand permanent supportive housing units annually — more than tripling the current production of such housing in the city — and to build on Los Angeles mayor Eric Garcetti's Executive Directive 13, which aims to dramatically reduce development timelines for PSHs, from the San Fernando Valley to South Los Angeles.

To that end, the public-private plan will leverage an additional $45 million in loans for the early costs of developing a thousand new units, with the loans to be managed by the Los Angeles-based Corporation for Supportive Housing, a nonprofit community development financial institution. In addition to loans, participating foundations will make grants for construction of the infrastructure needed to meet its unit goal. Nonprofit housing developers involved in developing the plan include A Community of Friends, Los Angeles Family Housing, Mercy Housing California, PATH Ventures, Skid Row Housing Trust, and SRO Housing Corporation.

"We know that permanent supportive housing has a proven track record of helping those most in need, while saving government and taxpayer money," said CCF president and CEO Antonia Hernández. "By moving frequent users of services like emergency rooms and shelters into apartments that provide much-needed social services, we're helping our homeless neighbors stabilize and eventually become self-sufficient."