Press Release: Public-Private Partnership “LA4LA” Launches to Accelerate Affordable Housing
FOR IMMEDIATE RELEASE
Press Contact: info [@] la4la [.] org
New Initiative Connects Business, Development, and Philanthropic Community to Advance Innovation and Reform
Los Angeles, CA – To address the housing crisis in Los Angeles with urgency, a new public-private partnership “LA4LA” will bring together business, development and philanthropy to unlock, leverage and scale investments for innovative housing solutions. Mayor Karen Bass announced the initiative this week in her annual State of the City.
“LA4LA can be a transformative force for Los Angeles—a groundbreaking partnership to tackle this emergency. It’s an example of disrupting the status quo to establish a new system that saves lives,” Mayor Bass said.
LA4LA is launched in partnership with the California Community Foundation (CCF), who has provided critical funding, as well as administrative and capacity building support. The initiative will focus on unlocking key barriers that have hindered the City’s efforts to advance affordable housing effectively.
“Currently, the growing cost of housing and rates of homelessness are straining our region’s prosperity and government alone cannot solve this issue,” said Miguel Santana, CEO of California Community Foundation. “We are proud to partner with Mayor Bass on the LA4LA initiative, leveraging the combined strength of the philanthropy, business, and development community to advance bold new solutions to our housing and affordability crisis.”
The initiative has received generous support from key partners like the Conrad N. Hilton Foundation and the Marilyn and Jeffrey Katzenberg Foundation. LA4LA is taking a multi-faceted approach to address key barriers. These include current funding and leasing models that are too burdensome to provide rapid housing, rising financing costs, and access to capital. The initiative will focus on advancing a number of critical efforts including:
Rapidly scaling the purchase and master leasing of housing units and bending the cost curve by connecting affordable developers to new flexible rapid financing opportunities.
Unlocking rapid financing opportunities for existing developments to ensure completion of projects and secure as affordable.
Identifying critical investment opportunities for new affordable housing developments, including vacant property conversions. Activating entitled but unbuilt housing units, to release thousands of projects to completion more affordably and at scale. For example, there are currently over 33,000 entitled units in Los Angeles that could be activated in the near-term as affordable housing options if connected to resources and financing.
“Addressing a housing crisis of this magnitude demands collective action and a coordinated plan focused on permanent solutions,” said Peter Laugharn, President and CEO of the Conrad N. Hilton Foundation. “ All of us have an opportunity to help LA accelerate and sustain the progress made and the Conrad N. Hilton Foundation is proud to collaborate with Mayor Bass, the LA4LA initiative, and our coalition of partners to help support the innovative and urgent housing solutions LA needs.
The initiative will also focus on advancing collaboration across public service organizations and coordinating with similar public-private partnerships working on solving the housing affordability crisis, like in Atlanta, Philadelphia and San Francisco. The initiative will also support and promote research to examine and replicate best practices for affordable housing development from other cities.
“LA4LA is identifying the most common barriers to building housing quickly, and unlocking the tools and resources of the private sector and philanthropy to clear those barriers,” said Sarah Dusseault, Lead Strategic for LA4LA. “ It’s an all hands on deck approach.”
To learn more or get involved, visit www.la4la.org or contact info [@] la4la [.] org