LOS ANGELES — Mayor Eric Garcetti today announced $20 million in new funding for the City’s Supportive Housing Loan Fund (SHLF), lifting its total available funding to $60 million in support of the Mayor’s goal to build 1,000 new units of permanent supportive housing each year.
Managed by the Corporation for Supportive Housing (CSH), the SHLF loan fund is a public-private partnership that delivers capital to affordable housing builders, to help them acquire prime properties for permanent supportive housing. The SHLF can also cover the costs of developing plans and securing approvals.
“Every Angeleno deserves safe housing that they can afford — it is a basic human right,” said Mayor Garcetti. “When the public and private sectors join forces to serve the most vulnerable in our community, our ability to build housing and deliver services can reach new heights.”
“Foundations have the most impact when taking early risks to demonstrate solutions that work,” said California Community Foundation President & CEO Antonia Hernández. “We know that permanent supportive housing works to end homelessness, and we’re proud to work with other funders and the City to finance the early costs of providing homes for those most in need in Los Angeles.”
To streamline the approval process for PSH developments, Mayor Garcetti issued Executive Directive 13 — which directs city departments to expedite case processing for housing development projects with more than 20 percent of units dedicated as affordable. The City is also expanding the affordable housing pipeline through the disposition and development of City-owned land.
The expansion of the SHLF was made possible by $20 million in loans from four foundations: California Community Foundation, Conrad N. Hilton Foundation, the Kresge Foundation, and the Weingart Foundation. The SHLF is managed by the Corporation for Supportive Housing (CSH) which began in 2008 through a partnership with the Los Angeles Housing + Community Investment Department (HCIDLA).
Since 2008, the SHLF has invested nearly $70 million in more than 40 projects, resulting in 2,600 supportive and affordable apartments for formerly homeless Angelenos. Several of the projects include on-site services that extend benefits to the surrounding community — including health clinics that serve both building residents and neighbors.
About California Community Foundation
The California Community Foundation is committed to improving the quality of life for all Los Angeles County residents by addressing the root causes of the county’s most urgent problems. The foundation has served as a public, charitable organization since 1915. For more information, visit calfund.org.
About Conrad N. Hilton Foundation
The Conrad N. Hilton Foundation provides funds to nonprofit organizations working to improve the lives of disadvantaged and vulnerable people throughout the world. From its inception, the Foundation has awarded more than $1.5 billion in grants, distributing $107 million in the U.S. and around the world in 2015. For more information, visit hiltonfoundation.org.
About the Kresge Foundation
The Kresge Foundation is a $3.6 billion private, national foundation that works to expand opportunities in America’s cities through grantmaking and social investing in arts and culture, education, environment, health, human services and community development in Detroit. For more information, visit kresge.org.
About the Weingert Foundation
The Weingart Foundation is committed to advancing social and economic equity by providing grants and other support designed to improve the capacity and effectiveness of nonprofit organizations working with people and communities who currently face the greatest obstacles to opportunity. For more information, visit weingartfnd.org.
About Corporation for Supportive Housing
CSH has been the national leader in supportive housing for over 25 years, working in 47 states to help create stable, permanent homes for individuals and families. This housing has transformed the lives of over 200,000 people who once lived in abject poverty, on our streets or in institutions. For more information, visit csh.org.