Los Angeles County Affordable Housing Solutions Agency

About the fund

The LA County Affordable Housing Social Bond is a $204 million fixed-income instrument structured to finance the development of affordable housing across Los Angeles County. Issued by the LA County Affordable Housing Solutions Agency, the bond deploys a blended finance model in which a layer of catalytic capital absorbs first-loss risk, enabling institutional bond investors to access below-market yields while reducing the cost of capital to nonprofit housing developers from over 7% to under 4%. The fund targets the construction and preservation of approximately 1,500 affordable housing units across 20 projects, treating affordable housing as essential civic infrastructure. By leveraging the municipal bond market to expand access to low-cost capital for nonprofit developers, the instrument addresses capital constraints in community development while providing institutional investors with stable, impact-aligned debt exposure in the affordable housing sector.