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New Generation Fund
Project type
Building Project
Location
Los Angeles, California
Description: The New Generation Fund (NGF) is a revolving loan program that provides acquisition and pre-development capital for affordable housing projects. Eligible projects are rental or homeownership units that target households at or below 150% of the AMI. These low-interest loans are repaid once developers qualify for permanent financing. The NGF’s terms offer various loan rates for nonprofit and for-profit and limited payment guarantees to nonprofit sponsors. A total of $185 million has been invested in affordable housing in Los Angeles, and 2,882 units have been created or preserved in 31 residences since the program’s inception.
What makes it different: The partnership between Enterprise Community Partners Inc., the Los Angeles Housing Department, and a multi-bank syndication made the NGF’s inception possible and led to the fund capitalizing with $68 million of lendable proceeds. The NGF supports the city’s Affordable Housing Managed Pipeline that promotes new loan transactions.
Resource: https://www.newgenerationfund.com
Contact: Alexandra Dawson, 213.240.3118
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