People and communities benefit from LIIF’s efforts because of the resources and partners it has at its disposal. We believe that everyone in the United States should have the opportunity, equity, and well-being to live in a community of opportunity.
LIIF aims to achieve this goal for people and communities by mobilising funds and partners. As a result of LIIF’s efforts since 1984, more than $2.7 billion has been invested in
affordable housing, child care centres, schools, healthy food retail outlets and health clinics and transit-oriented development projects. There will be $5 billion invested over the next decade by LIIF in racial fairness initiatives.
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Housing with Supportive Services: Taking People Where They Are at the Moment
San Diego’s Zephyr Apartments welcomes 84 ex-homeless veterans to their new homes on this spring day.
The people, many of whom have been living on the streets for years, typically find the shift to being housed both powerful and overwhelming. Heather Pollock-Averick, Director of Supportive Housing at Affirmed Housing, the project developer, said, “Many of our residents have overcome trauma and endured mental health struggles and substance issues.” It might be a great challenge to adapt if you move into a private room and learn how to use the new equipment.
The Helpful Answer
“Housing first” is a solution that removes barriers to permanent housing for vulnerable people and provides them with coordinated services, frequently from where they live. Such offers may include landlord-resident relationship support, employment counselling, health referrals, services to address physical, mental, and drug abuse difficulties, and social activities. For the most part, it’s a proven method for helping people find and keep a place to live.
Nearly 900 people were followed by the nonprofit, bipartisan RAND Corporation in 2017 for a full year after they moved into supportive housing. There was a significant decrease in the number of emergency room visits, as well as a $6.5 million savings in public money, in the second year alone for those who were put in supportive housing.
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People who are marginalised and struggling can benefit from supportive housing programmes. Those without a home, struggling with chronic health problems or finding work are more likely to be veterans, disabled individuals, people of colour, seniors, members of the LGBTQ community, and new immigrants and refugees.
It is in line with LIIF’s mission to promote social justice and equity to invest in and advocate for supportive housing Achieving equitable life outcomes necessitates changing the institutions that allocate critical resources like housing and health care to ensure that individuals who have historically been left out of the development of economic prosperity and health be included. Affirmed Housing is just one example of a developer LIIF works with to guarantee that our investments address the needs of the most disadvantaged communities and create pathways to new possibilities.
This investment in Zephyr means that a once-decrepit motel has been transformed into a home for 84 ex-military personnel. There is a kitchenette in each flat, as well as new walls and flooring. The structure also features solar panels, a community garden, and a place for inhabitants to meet.
The Markets We’re Dedicated to
Aiming to solve the problem of financing low-income multifamily rental housing energy retrofits across the country, LIIF is
Services and Products
There are now two models that LIIF is working on that could be feasible platforms for financing large-scale multifamily energy retrofits. The first is a pilot project with Stewards of Affordable Housing for the Future (SAHFF) on energy performance contracting (EPC) (SAHF). To fund retrofits in HUD-supported multifamily units owned and operated by SAHF members, LIIF provides stand-alone, fully amortising loans under the pilot programme.
Because of its structure and early results, the EPC project is especially interesting in terms of scaling up via a Pay-for-Success financing model, which would allow for larger agreements encompassing many properties.
On-bill repayment (OBR) is an on-bill payment methodology that includes the owner’s debt service in their monthly utility bill as part of the Ratepayer Integrated Payment Program Predevelopment Pilot (RIOPP), in cooperation with SAHF and California Housing Partnership Corporation (CHPC).
Owners, lenders, and utility providers could all benefit from OBR, which could cut transaction costs and significantly improve the ease of use for all parties. As a result of this process innovation, smaller properties may be able to undergo retrofits, as well as increased owner engagement.
People and communities with limited financial resources are the focus of the Low Income Investment Fund (LIIF). To help those who are most in need, LIIF manages funds allocated to projects such as affordable housing, child care, and education. Through its work with low-income communities, LIIF serves as a link between private finance markets.
CDFI Racial Equality Collaborative on Education is a collection of CDFI leaders who work together to bring a racial equity perspective to education lending. Students of colour have benefited from our collaboration with educational consultants, who have taught us how to create an equitable learning environment and how to incorporate an evaluation of equity practices into our underwriting. For a charter school transaction to be eligible for a loan, we have not yet established any thresholds or standards for racial equity.
Using the results of this review, we hope to gain a better understanding of how schools can establish more equitable learning environments, as well as identify areas where we can improve our lending to promote greater racial equity. To facilitate knowledge exchange on equity best practices in the field, we also want to serve as a link between schools in our portfolio and other CDFI Collaborative members.