Los Angeles Mayor Eric Garcetti, the Los Angeles Housing + Community Investment Department and Enterprise Community Partners Inc. today announced the expansion of the New Generation Fund, which will bring an additional $50 million to create, preserve and retrofit affordable housing in the city.
“The public and private sectors must work together to preserve and expand affordable housing,” said Mayor Eric Garcetti. “The New Generation Fund is an excellent example of how the city can leverage limited resources to pursue these goals.The new retrofit features are especially important to Los Angeles, and should help us move more quickly on preservation.”
The New Generation Fund offers pre-development and acquisition funding through a public-private partnership between the City of Los Angeles and a consortium of banks, financial institutions and community development financial institutions (CDFIs).
In this latest round of funding, the city’s renewed commitment of $10 million has been used to leverage $50 million in private capital that will be made available on a revolving loan basis to affordable housing developers.
Since its 2008 inception, the New Generation Fund has provided more than $69 million for the construction and preservation of 1,355 affordable apartments including:
- Historic rehab of the Rosslyn Hotel in downtown Los Angeles, now home to 264 formerly homeless individuals including 100 veterans.
- Construction of the Metro @ Hollywood, a transit-oriented development providing 120 affordable apartments for low-income seniors.
- Construction of Riverwalk at Reseda, 77 new apartment homes for families in the San Fernando Valley.
The renewed fund will continue to invest in developments that address the city’s goal of integrating affordable housing with neighborhood amenities, public transportation, social services and energy conservation.