L.A. County Housing Innovation Fund II
lachif  cover pic

What is LACHIF II?

LACHIF II is a $60 million revolving loan fund administered by the Community Development Commission / Housing Authority of the County of Los Angeles in partnership with participating community lenders.  Loans are made to finance acquisition and predevelopment costs for affordable housing developments in the County of Los Angeles. 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 $40 million to affordable housing developers resulting in close to 1500 units of affordable housing developed or in the pipeline.  

New and more favorable terms for the LACHIF II program (as noted below) will launch in the 4th Quarter of 2018. To initiate a new loan application please contact one of the lending partners noted on the drop-down menu below.

Program Details

  • Loan Terms (to become effective 4Q 2018)

    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 6 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.) 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     


  • Lending Partners

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

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

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

  • Sample Projects

    TIKI APARTMENTS

    City:
    Huntington Park, CA
    Completion Date: December 2016
    Sponsor: Meta Housing Corporation
    Lending Partner: LIIF
    Population Served: Formerly Homeless
    Total Loan Amount: $2,945,000
    Loan Type: Acquisition 
    Tiki-Courtyard- LIIFweb
       
       
    BEACHWOOD APARTMENTS

    City:
    Long Beach, CA
    Completion Date: March 2018
    Sponsor: Century Affordable Development, Inc.
    Lending Partner: Century
    Population Served: Formerly Homeless
    Total Loan Amount: $2,945,000
    Loan Type: Acquisition
    Beechwood - Century - acq rehabweb
       
       
    STANDFORD AVENUE
    APARTMENTS


    City:
    Compton, CA
    Completion Date: September 2020
    Sponsor: Hollywood Community Housing
    Lending Partner: CSH
    Population Served: Persons with Mental Illness, DHS/DMH Frequent Users, Low Income Families
    Total Loan Amount: $746,269
    Loan Type: Predevelopment
    Stanford Ave Apts - CSHweb

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

 

lachif-lending-partners

 

download

-->