Clearinghouse CDFI (CCDFI) is working to combat the housing crisis in downtown Los Angeles alongside Preservation XV L.P. This project consists of 6 separate developments with 4 loans totaling $44,850,000.
Renters in Los Angeles County need to earn 3 times the minimum wage to afford the average monthly rent in the City of Los Angeles. Preservation Properties is a portfolio of 24 properties totaling 405 project Section 8 units near downtown Los Angeles. CCDFI is supplying bridge financing to a HUD loan and funds for ADA work and deferred maintenance.
Preservation XV is an entity of Jim Perley of Western America Properties (WAP). With a special focus on rehabilitation and management of affordable properties, specifically “At Risk Properties,” WAP manages 24 multifamily, townhouse/condo, and office/retail properties. Mr. Perley has become a national model for affordable housing developers, especially those who prioritize affordability for homeless veterans.
Read the full story here: Just Funded – Preservation XV, L.P.