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Los Angeles County Housing Innovation Fund
Project type
Building Projects
Location
Los Angeles, California
Description: This revolving loan fund of approximately $70 million is administered by the Los Angeles County Development Authority in partnership with participating loan vendors. Since the program’s inception in 2013, close to 2,100 units of affordable housing have been developed or are in the pipeline.
The loan funds up to $15 million and can be fixed or variable based on the lending partner. The loan term can be up to six years, including extensions, and it is available to projects catering to those making 60% AMI or less. Acquisition loans have deeds of trust and assignment of rents with full recourse to sponsors, while predevelopment loans may be on an unsecured basis.
What makes it different: Financing is for both the acquisition and predevelopment stages of multifamily rental housing in Los Angeles County. Both nonprofit and for-profit borrowers are eligible for loans.
Resource: https://www.lacda.org/affordable-housing/la-county-housing-innovation-fund
Contact: Alhambra Office, 626.262.4511