LISC LA Provides Affordable Housing Solutions to Local Governments Amidst COVID-19
LISC LA is offering their partnership to local governments as they aim to support affordable housing developers and owners during the COVID-19 pandemic. With a commitment to building resilient and inclusive communities of opportunity, LISC LA has developed a toolkit of best practices for cities during this health and economic crisis.
"The COVID-19 pandemic has underscored the critical role of housing in keeping our communities safe and healthy. As the cornerstone of LISC LA’s work — we’re committed to providing assistance and leading advocacy to continuously develop affordable and attainable housing in our communities,” says Tunua Thrash-Ntuk, Executive Director of LISC LA. “It’s extremely important that local cities support affordable housing owners and developers who provide this critical infrastructure, especially during challenging times.”
The economic stress caused by COVID-19 has been particularly damaging to the region’s affordable housing developers and owners, such as those with properties that are unsubsidized, and low-income households struggling to pay rent. Local governments will need to implement innovative and effective solutions to allow affordable housing to continue and thrive in our most vulnerable communities.
LISC LA has developed a toolkit, with production funding from CIT Bank, that offers several affordable housing policy agendas and innovative solutions for local governments to consider. The toolkit includes seven immediate recommendations for mitigating the impact of the pandemic:
- Defer All Payments – Defer payments due by affordable housing owners until 2021 or beyond
- Lead Policy Advocacy Agenda – Participate in state legislative advocacy for specific policies
- Property Tax Relief – Encourage private owners to work with tenants to provide rent relief
- Form Public-Private Partnerships – Partner with Community Development Financial Institutions (CDFI’s) to fill the gap of lost rental income
- Rent, Mortgage & Operating Expense Assistance – Establish funds to cover other payments
- Expedite Housing Now – Streamline the construction and development process
- Preserve Housing Now – Protect long-term affordable housing
With over 40 years of experience connecting communities to resources and opportunities, LISC has the knowledge of seasoned community partners along with the aptitude for expediency to support affordable housing developers and owners. Providing grants, loans and equity, LISC has financed more than 400,000 homes nationwide to improve the supply and condition of affordable housing in the communities we serve.
The affordable housing crisis in the region was dire prior to the COVID-19 pandemic and will only continue to grow without innovative and effective solutions during these unprecedented times. LISC LA continues to uphold its commitment to equity, working in underinvested communities and communities of color that deserve the same attention, resources and seat at the table, especially during challenging times.