THE FIRST DEVELOPMENT to receive a loan under Los Angeles' Supportive Housing Loan Fund recently broke ground.
L.A. Family Housing (LAFH) is the first organization to access the $30 million fund. It received $3 million in acquisition and predevelopment financing to build a 60-unit permanent supportivehousing development in Sun Valley.
Glenoaks Gardens will serve single adults with annual incomes below $29,000. Many are formerly homeless and living with mental illness. Residents will have access to supportive services, including mental health counseling, case management, recovery support, and job programs.
The Corporation for Supportive Housing and the Los Angeles Housing Department established the fund in 2008 to help nonprofits develop permanent supportive housing. The fund was created in partnership with the Conrad N. Hilton Foundation, Fannie Mae, and the California Housing Finance Agency and received private bank investments from HSBC; U.S. Trust, Bank of America Private Wealth Management; and U.S. Bank as well as grants from the Weingart Foundation, the California Community Foundation, and Washington Mutual.