L.A. County Housing Innovation Fund (LACHIF) II
LACHIF II is a $60 million revolving loan fund providing site acquisition and predevelopment financing for the development of affordable housing in the County of Los Angeles. These loans are available to both non-profit and for-profit developers.
On April 4, 2006, the Los Angeles County Board of Supervisors approved the Homeless Prevention Initiative that allowed for the creation of an affordable housing revolving loan fund. On October 29, 2013, the Los Angeles County Board of Supervisors approved the reorganization of the fund into the current LACHIF II structure. Under the program, the CDC is a “participating lender” in direct loans made by LACHIF II’s three lending partners: Low Income Investment Fund, Century Housing Corporation, and Corporation for Supportive Housing. The lending partners “leverage” the CDC’s investment of approximately $19.5 million to create the $60 million fund.
The maximum loan amount available per project for either Acquisition Only or Acquisition and Predevelopment loans is $15 million. Predevelopment only loans have a maximum amount of $750,000. The loan-to-value ratios may be up to 100%.
If you are interested in additional information concerning LACHIF II, please access the CDC's lending partners' websites by clicking their logos below, or contact them directly by phone or e-mail.