Innovative Partnership Launches $75 Million Affordable Housing Loan Program

A new $75 million loan fund offering low costs loans for affordable housing became available today as part of a public-private lending partnership.  The Metro Affordable Transit Connection Housing (MATCH) program is an innovative partnership that will provide financing to those interested in preserving and expanding affordable homes located near high quality transit in Los Angeles County. 

The Los Angeles County Metropolitan Transportation Authority (Metro) is providing a $9 million seed investment for the fund, which has been matched by local foundations, including the California Community Foundation, The California Endowment and the Weingart Foundation.

The Low Income Investment Fund (LIIF), Enterprise Community Loan Fund and the Local Initiatives Support Corporation are three national Community Development Financial Institutions (CDFIs) providing leverage financing and will originate loans from the program. The MATCH program will be managed by a consortium of these three community development financial institutions.

MATCH investments are aimed at addressing the region’s worsening housing affordability and homelessness crisis by bringing much needed capital for affordable housing.  Neighborhoods across Los Angeles County are experiencing rising rents and displacement pressures. Measure M, a recently approved half-cent sales tax in Los Angeles County will accelerate the expansion of the region’s public transportation system, offering opportunities to create and preserve affordable housing in a growing number of communities located close to major public transit hubs.

Beyond contributing to the supply of affordable housing and helping to stabilize communities, MATCH was created to provide broader benefits to families in the region. By targeting homes near transit, these investments also aim to reduce greenhouse gas emissions. Residents will have an increased access to convenient transit options, which can improve health and save households money, leading to better physical and mental health outcomes and improving the region’s quality of life.

Read more about the MATCH program HERE.