Funding New Private Sector Affordable Housing Development

The Los Angeles County Development Authority “LACDA” implemented the Funding New Private Sector Affordable Housing Development project to ensure that the homeless and our most vulnerable residents can have access to 500-700 affordable housing units. Studies have shown that people who are homeless are among one of the most vulnerable groups of people impacted by COVID-19 because they are more likely to be older male smokers, with many underlying medical conditions, and under pre-COVID-19 conditions were 10 times more likely to die than the general population. People who are homeless generally cannot maintain social distancing in shelters or other public spaces and there is insufficient access to handwashing or hygiene increasing the vulnerability of virus transmission and health complications. The project will provide low-interest loans and permanent financing to approximately 7 Affordable Housing Developers. The project will use an Affordable Multifamily Rental Housing Notice of Funding Availability “NOFA” process to solicit projects from Developers for the construction or rehabilitation of affordable housing for qualifying populations based on Equity Explorer. Funds will be used for construction and permanent financing, with projects required to maintain affordability for a minimum of 55 years and onsite supportive services with DHS and Mental Health. By issuing this NOFA and providing housing, the completion of this project will lead to new affordable housing units, provide safe and secure housing options, and mitigate the spread of the virus. The homeless populations to be housed include the most vulnerable to COVID.