Linc Housing announced it has received a $3 million, 10-year Program-Related Investment (PRI) from the Conrad N. Hilton Foundation. The investment will support the development of 700 affordable and supportive homes in Los Angeles County.
LONG BEACH, Calif., Dec. 3, 2024 /PRNewswire-PRWeb/ -- Linc Housing has received a transformative $3 million Program-Related Investment (PRI) from the Conrad N. Hilton Foundation. This low-interest loan will help reduce the cost of developing affordable and supportive housing across Los Angeles County, providing safe, stable homes for individuals experiencing homelessness, people living with disabilities, and working families. The investment will enable Linc to accelerate its efforts to address the region's urgent housing and homelessness crisis.
"One of the biggest challenges we face as a nonprofit developer is cobbling together all the sources of funding needed to get affordable and supportive housing built in an efficient, cost-effective way," said Rebecca Clark, CEO of Linc Housing. "This investment from the Hilton Foundation gives us the flexibility to leverage other funding sources and move more quickly through predevelopment and construction."
The investment will support Linc's use of innovative construction methods, such as adaptive reuse and modular construction, to build more permanent supportive housing. It will also enhance Linc's ability to leverage other sources of public and private capital through partnerships with agencies including the Housing Authority of the City of Los Angeles, the County of Los Angeles, and the City of Long Beach.
"Solving homelessness requires permanent housing, and our partnership with Linc Housing leverages critical public and private resources and embraces innovation to build more housing more quickly," said Seyron Foo, who oversees the Homelessness Initiative at the Hilton Foundation. "This program-related investment will provide transformative capital to bring much-needed affordable and supportive housing to Los Angeles."
This 10-year PRI will play a critical role in advancing Linc Housing's mission to create 700 new supportive homes. Specifically, it will fund capital needs for the following developments:
- Zephyr: Construction funding to convert a former hotel into 136 supportive homes under the State of California's Project Homekey initiative in Long Beach.
- Fountain Street: Predevelopment funding for a 73-unit development for families and individuals living with disabilities in the Zaferia neighborhood of Long Beach.
- Victory Blvd: Predevelopment funding for a 194-unit affordable and supportive housing community in the Balboa neighborhood of Los Angeles, in partnership with the Housing Authority of the City of Los Angeles.
- New High Street Village: Predevelopment funding for a transformative, mixed-use development featuring 300 units of affordable housing on county-owned land in the New Chinatown neighborhood of Los Angeles.
About Linc Housing Corporation
Linc Housing, one of California's leading nonprofit developers of affordable housing, is committed to building communities and strengthening neighborhoods for underserved populations. Linc has developed nearly 9,700 homes in 96 communities statewide. Known for its excellent design, outstanding management, and life-enhancing resident services, Linc has more than 40 years of experience serving families, seniors, individuals with special needs, and local governments. For more information, visit http://www.linchousing.org. To donate, visit http://www.linchousing.org/donate. -
About the Hilton Foundation's PRI Program
The Conrad N. Hilton Foundation's Program-Related Investments (PRIs) are a mission-driven investment strategy aimed at advancing sustainable social change. Since 1994, the Foundation has provided approximately 40 PRIs totaling $100 million. These investments leverage flexible funding mechanisms, including loans and equity investments, to create new opportunities and drive measurable, immediate results.
Media Contact
Holly Ferris, Linc Housing, (562) 746-8461, [email protected], https://www.linchousing.org/
SOURCE Linc Housing
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