In the first-ever round of the Capital Magnet Fund Awards (CMF Awards), a program established through the Housing and Economic Recovery Act of 2008, the U.S. Department of the Treasury awarded $80 million to qualified nonprofit housing organizations and community development financial institutions (CDFIs) to finance affordable housing, community service facilities and related economic development activities around the country.
The CMF Awards were given to 23 grantees from a national field of 230 applications for requests totaling over $1 billion. Among the recipients was Los Angeles-based non-profit housing developer Abode Communities, currently among the top 50 developers of affordable housing nationwide, which received $4 million.
“The economic crisis has crippled the financial infrastructures we’ve all come to depend upon. More restrictions on loans and other capital have made it harder for Abode Communities to continue building critically needed affordable housing developments. This award represents a fresh influx of capital that will enable us to re-double our efforts in revitalizing communities at a time when our country needs it the most,” said Robin Hughes, President and CEO of Abode Communities.
Founded 41-years ago as a volunteer organization of architects, Abode Communities is a nonprofit organization known for designing, developing and managing sustainable, multifamily affordable housing communities that address the needs of Southern California’s large workforce, low-income families, seniors and individuals with special needs.
“I am pleased that Abode Communities is being recognized by the Department of Treasury for their work providing Southern California with healthy, comfortable, energy efficient and environmentally responsible housing. This grant provides critical resources that will allow them to reach underserved communities that are struggling to rebound during these trying economic times,” said Congresswoman Lucille Roybal-Allard.
With the CMF Award, Abode Communities plans to help close the gap between the waning supply of affordable homes and the increasing demand for them by thousands of people in the low-income bracket. The award money, which will initially be used to kickstart the development of nine new or rehabilitated housing developments, including Hudson Oaks Senior Housing in Pasadena, Terra Bella in Bell Gardens, Selma Community Housing in Hollywood, Slauson and Wall in South Los Angeles and Kittridge Apartments in Reseda, will eventually be returned to an internal revolving fund where it can be used again and again as crucial start-up capital by Abode Communities.
Through its current pipeline, Abode Communities anticipates increasing the supply of available affordable housing in the region by 623 new units, creating homes for over 2,200 residents, while serving some of the most vulnerable populations, including seniors on fixed incomes, single-parent households and survivors of domestic violence. These projects are being developed in collaboration with key partners such as the Los Angeles Unified School District, the Figueroa Corridor Community Land Trust and local housing and redevelopment agencies. By leveraging the $4 million grant, Abode Communities will ultimately be able to invest over $277 million in affordable housing for underserved communities throughout Southern California, well above the target set by Congress.
About Abode Communities:
Abode Communities was founded in 1968 with a mission to open new doors in people's lives through creative and responsible design, development and operation of service-enhanced affordable housing. Abode Communities is a leader, advancing the field of affordable housing, and addressing the needs of Southern California's large workforce, low-income families, seniors, and individuals with special needs. The firm's expertise in place-making transforms the lives of individuals and families through innovative, evolving and sustainable high-quality design, development and operation of on-site resources vital for communities to succeed. It is the only nonprofit firm with a structure that comprises the four necessary pillars to revitalize neighborhoods: Abode Development, Abode Architecture, Abode Housing Services and Abode Resident Services. Currently, Abode Communities owns 34 properties throughout the region that are home to more than 4,000 residents. For further information, go to www.abodecommunities,org
