Invested in Los Angeles
Created or Preserved
in 26 residences
The New Generation Fund LLC provides flexible acquisition, predevelopment, and moderate rehab financing for developers committed to the creation of new or preservation of existing affordable rental housing in the City of Los Angeles.
Made possible through an innovative partnership between Enterprise Community Partners, Inc., the Los Angeles Housing + Community Investment Department, and a multi-bank syndication, the Fund is capitalized with $68.5 million of lendable proceeds, offered at the following general terms:
Loan advance rates of up to 130% LTV for Non-Profit Sponsors, and up to 95% LTV for For-Profit Sponsors.
Variable rate financing, currently set at LIBOR plus 4.0% .
Up to 3-year loan maturities, with up to one 12-month extension at Fund’s discretion.
Limited payment guarantees of 25% for Non-Profit Sponsors.
The New Generation Fund delegates the underwriting and servicing of its loans to 6 Los Angeles-based community development financial institutions, identified below. Prospective borrowers are asked to contact one of these to initiate a loan request.