Four foundations have loaned a total of $20 million towards an L.A. homeless housing loan fund, bringing the fund to $60 million, Mayor Eric Garcetti announced Tuesday.
The Supportive Housing Loan Fund makes loans to affordable-housing builders to help them acquire properties for permanent supportive housing, which is defined as housing that comes with on-site programs to help the homeless and disabled. It can also cover the costs of developing plans and securing approvals.
The program is part of the city’s goal of building 1,000 units of permanent supportive housing each year.
“Every Angeleno deserves safe housing that they can afford – it is a basic human right,” Garcetti said in a statement announcing the loans. “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.”
The four foundations that loaned the cumulative total of $20 million were: The California Community Foundation of downtown Los Angeles, the Conrad N. Hilton Foundation of Agoura Hills, the Kresge Foundation of Troy, Mich., and downtown’s Weingart Foundation.
“Foundations have the most impact when taking early risks to demonstrate solutions that work,” California Community Foundation Chief Executive Antonia Hernández said in a statement. “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.”
Economy, education, energy and transportation reporter Howard Fine can be reached at email@example.com. Follow him on Twitter @howardafine.