Financing for Acquisition and Predevelopment Costs

 

The L.A. County Housing Innovation Fund II (LACHIF II) is a revolving loan fund of approximately $70 million administered by the Los Angeles County Development Authority (LACDA) in partnership with participating community lenders.  Loans are made to finance acquisition and predevelopment costs for affordable housing developments in Los Angeles County. Both non-profit and for-profit Borrowers are eligible for LACHIF II Loans.

Since the program’s inception in 2013, LACHIF II has lent approximately $70 million to affordable housing developers resulting in close to 2100 units of affordable housing developed or in the pipeline.  

New and more favorable terms for the LACHIF II program launched Summer 2019. To initiate a new loan application, please contact one of the lending partners noted on the drop-down menu below.

LACHIF Flyer

Loan Amount 

$15,000,000 maximum
Acquisition only: up to $15,000,000
Predevelopment: up to $1,500,000

Eligible Uses
Financing for acquisition and predevelopment of multifamily affordable rental housing in Los Angeles County.

Loan Pricing
Fixed or variable. Rates set by each Lending Partner.

Loan-to-Value

For-Profit Borrowers: up to 95%
Non-Profit Borrowers: up to 100%

Term
Up to six years, including extensions. Actual term set by the Lending Partner.

Security and Collateral
Acquisition: Deed of Trust and assignment of rents with full recourse to sponsors.
Predevelopment: May be made on an unsecured basis.

Affordability
60% Area Median Income or less.
(Some exceptions may apply. Please ask a Lending Partner.)

Low Income Investment Fund
Eri Kameyama, Deputy Director
Western Region
(213) 627-9769
ekameyama@liifund.org

Corporation for Supportive Housing
Lindsay Kerby, Community Investment Officer
(213) 623-4342 ext. 21 or (917) 428-5786
lindsay.kerby@csh.org

Century Housing
Josh Hamilton, Senior Vice President
(310) 642-2030 or (310) 968-3037
jhamilton@centuryhousing.org

Sample Projects