With ever-increasing gentrification pressures on neighborhoods throughout the City, HCIDLA has prioritized its efforts to preserve low-income housing utilizing various methods, strategies, and new funding sources. Based on in-depth research and discussion with other jurisdictions on best practices, a strategy has been developed to add, restructure, preserve, or extend affordable housing covenants.
Under new initiatives, we identify and implement new programs and financing strategies for the development and preservation of affordable housing. These include the Naturally Occurring Affordable Housing Program (NOAH Program), currently in the implementation phase, and the University of Southern California (USC) area Affordable Housing Programs and Services (USC Program).
NATURALLY OCCURRING AFFORDABLE HOUSING (NOAH)
The NOAH Program targets areas of the City that face gentrification, which causes the conversion of affordable housing into market-rate rental properties. Due to the lack of housing in the City, many investors are moving into areas that have unsubsidized affordable housing for low to moderate-income renters so they may develop the property into higher-yielding rental properties. The NOAH Program entails working with local non-profit and for-profit investors to preserve, rehabilitate, and maintain affordable housing for the communities they serve. The program offers loan products for purchase and rehabilitation of multi-residential housing.
USC PRESERVATION LOAN PROGRAM
The USC Program will offer funds and services specific to USC Nexus Study Area. The project area boundaries are Washington Boulevard to the north, Maple Avenue and Main Street to the east, Vernon Avenue to the south, Normandie, and Western Avenue to the west. Within this project area, the goal of the program is to preserve and repair small multi-residential properties restricted for low-income households and provide homebuyer education counseling.
HCIDLA notifies interested parties about opportunities in related to New Initiatives through its E-update service. To receive information and notifications related to HCIDLA New Initiative activities, please visit subscribe-to-newsletters and subscribe.