FOR IMMEDIATE RELEASE: 1/12/2016
Denver, CO—Mercy Loan Fund (MLF), a leading Community Development Financial Institution (CDFI) based in Denver, Colo., announced that it has partnered with the Low Income Investment Fund (LIIF), to provide affordable housing to people with low incomes in Wilmington, Calif.
In partnership with LIIF, MLF has provided $1 million of predevelopment funds to Abode Communities, a nonprofit developer. Abode Communities’ development budget is $27.7 million, and will provide 88 units of affordable housing in Wilmington, a Los Angeles neighborhood. The property, called Dana Strand IV, will house people with low incomes making 30-50 percent of the area median income.
“Affordable housing remains a cornerstone of creating opportunity for families. But we know it takes more than housing to create healthy, thriving communities. We’re excited to work with strong partners such as Abode Communities and Mercy Loan Fund on the new Dana Strand IV, which will help to spur the larger redevelopment of the Wilmington community in Los Angeles,” said Cecile Chalifour, Director of the California Region at the Low Income Investment Fund.
“We’re excited to partner with the Low Income Investment Fund, whose mission is well-aligned with our own,” said Jason Battista, President of MLF. “As the affordable housing crisis continues, partnerships such as ours are vital.”
The announcement comes as many Angelenos struggle to find housing they can afford. A renter household needs to earn four times the state minimum wage in order to afford average asking rents in Los Angeles County, according to a report released by the California Housing Partnership Corporation. The same report found that, when housing costs are considered, Los Angeles County has one of the highest poverty rates in the country at 26 percent, or one in four households.
About Mercy Loan Fund
For three decades, Mercy Loan Fund has focused exclusively on funding affordable housing and essential community infrastructure projects that support affordable housing. By collaborating with socially-responsible developers, Mercy Loan Fund has helped finance the development of single and multifamily homes for rental and homeownership. These developments help a variety of people including low-income families, the working poor, seniors, farm works, people who have experienced homelessness, and people with special needs. Mercy Loan Fund is a subsidiary of the affordable housing nonprofit, Mercy Housing. For more information, please visit www.mercyloanfund.org.
About the Low Income Investment Fund
The Low Income Investment Fund (LIIF) invests capital to support healthy families and communities. Since 1984, LIIF has served 1.7 million people by investing $1.7 billion. Over its history, LIIF has provided financing and technical assistance to create and preserve affordable housing, child care centers, schools, healthy food retail, health clinics and transit-oriented development in distressed neighborhoods nationwide. LIIF’s work has generated more than $47 billion in family income and societal benefits. LIIF has offices in San Francisco, Los Angeles, New York City and Washington, D.C. For more information about LIIF, visit www.liifund.org.