The Low Income Investment Fund, the National Affordable Housing Trust, Calvert Impact Capital, and Mercy Loan Fund have announced plans to provide $28 million for a second phase (FPAC 2.0) of the $100 million Fund to Preserve Affordable Communities.
Launched in 2017, FPAC has deployed $40 million to date to acquire and preserve nearly six hundred and fifty units of affordable housing for low-income families nationwide. In phase two, FPAC will provide continued access to funding for Stewards of Affordable Housing for the Future members, including some of the top nonprofit affordable housing developers in the country, for the acquisition of housing preservation projects. According to the organization, flexible early-stage capital allows nonprofit developers to move quickly to acquire properties at risk of being converted into market-rate housing and is especially critical in competitive housing markets where the supply of affordable housing is increasingly scarce. To that end, the fund will provide loans of between $2 million and $10 million, with terms of up to five years, for the acquisition of housing preservation projects.
"Calvert Impact Capital is excited to support the housing preservation efforts of some of the strongest nonprofit affordable housing developers in the country," said Calvert Impact Capital senior investment officer Kevin Fanfoni. "FPAC 2.0 aligns well with our strategy of providing capital to innovative structures that help established lenders like LIIF scale the important products and services they provide to the community development sector."
"LIIF is committed to providing capital for housing those most at risk in our country and enabling families to stay in their neighborhoods," said LIIF president Kimberly Latimer-Nelligan. "We are excited to build on the first round of financing and to continue our partnership with NAHT and the SAHF members."