U.S. Bancorp Impact Finance Grants $200,000 to NFF to Support LA Developers of Color
NFF is grateful to longtime partner U.S. Bancorp Impact Finance, a subsidiary of U.S. Bank, for a grant of $200,000 received in first quarter 2024 to support our ongoing work with developers of color in Los Angeles. NFF’s continued engagement, particularly with nonprofit and emerging developers, enables us to better understand local capital gaps and responsively deploy financing, including the $17 million Impact Finance has invested with NFF to support community lending.
Los Angeles is urgently in need of more affordable housing to house people who do not have permanent shelter and to protect long-time community residents from displacement. Access to capital is an ongoing need for some developers of color who may not have been able to participate in the redevelopment of their own communities. In addition, high interest rates and rising labor and materials costs are slowing development and thwarting projections.
NFF helps developers of color secure the financing needed to speed progress on affordable and supportive housing. We also work with homeless services providers and other community nonprofits who are pursuing facility acquisition for the first time, seeking to restore vacant buildings, and increase available housing for their community residents. Flexible funding like Impact Finance’s grant allows NFF to be responsive to our LA partners and innovative as opportunities and challenges shift.
This work is part of NFF’s commitment to bolstering community wealth and well-being in partnership with LA’s nonprofit, government, finance, and philanthropy leaders. Since 2015, NFF has provided $75 million in flexible financing to Los Angeles-based nonprofit organizations supporting $449 million in total projects. We’ve also engaged close to 200 Los Angeles-based nonprofit organizations in deep, customized one-on-one engagements designed to strengthen their financial capacity.
Learn more at: Investing in Communities | Nonprofit Finance Fund (nff.org)