ImpactAlpha, July 2 – The Low Income Investment Fund, or LIIF, issued the loan to housing non-profit BRIDGE Housing to finance a 306-unit multifamily development in Milpitas, Calif.
In Santa Clara County, where Milpitas is based, the cost of living is so high that families earning more than $94,000 per year are considered “low-income.” (In nearby San Francisco, a family can earn more than $117,000 and still be considered poor.) Seventy percent of the units in the property that LIIF’s loan is supporting are reserved for households earning 80% of the area median income or less.
- Housing capital… The Milpitas property loan is the second investment from the Fund to Preserve Affordable Communities partnership between LIIF, the National Affordable Housing Trust, and Morgan Stanley. The partners seeded the planned $100 million fund with $30 million last year. Its first deal was a $9.4 million acquisition loan for a property on Maryland’s eastern shore.
- More deals… In May, LIIF issued a $4.2 million loan to Hebrew Home for the Aged to expand housing to homeless seniors in the Bronx, New York.
