Clearinghouse Community Development Financial Institution announced today that it is funding 122 units of affordable housing in South Los Angeles through the use of the Federal Home Loan Bank Affordable Housing Program. Federal Home Loan Bank of San Francisco awarded Clearinghouse CDFI $1,000,000 to help finance this development.
Washington View will provide 122 affordable units of permanent, supportive housing for seniors 55+ who are homeless or at risk of homelessness, as well as seniors at 60% AMI. The property - which includes 91 units reserved for unhoused seniors - is sponsored by Las Palmas Housing and Development Corporation and will be developed by WPH Holdings. An adaptive reuse of an existing historic chapel into multifamily housing, Washington View will consist of 94 one-bedroom units, 26 studios, and a pair of two-bedroom homes. Residents will also have access to support services, complimentary parking, community recreation rooms, adult education classes and case management.
“Affordable housing is a defining issue of our time, especially in the Los Angeles area, one of the least affordable cities in the United States,” said Douglas Bystry, President and CEO of Clearinghouse CDFI. “We are grateful to the FHLBSF as we work to increase the desperately needed supply of affordable housing.”
Under the Federal Home Loan Bank Act, each FHLB must establish an Affordable Housing Program and contribute 10% of its earnings to this program. These funds are to be used for financing the purchase, construction or rehabilitation of housing for low- or moderate-income households (AMI of 80% or less). Funds may also be used for the purchase, construction or rehabilitation of rental housing, where are least 20% of the units are affordable for very low-income households (AMI of 50% or less).
FHLB San Francisco’s Affordable Housing Program General Fund works to expand access to affordable housing to underserved communities. Grants are awarded annually through a competitive application process to FHLBSF members in partnership with housing developers and community organizations.
“Funding from the Federal Home Loan Bank of San Francisco through our member partners at Clearinghouse CDFI was critical in completing this incredible project,” said Noami Pines, Vice President of Development for Las Palmas Housing and Development. “Our team, in partnership with visionary social service and local and state partners, renewed the beauty of a historic building while constructing affordable housing for seniors and formerly homeless residents of Los Angeles. We look forward to welcoming residents next week.”