We are pleased to announce that the Los Angeles chapter of the Local Initiatives Support Corporation (LISC) has awarded our Housing Development team a $35,000 grant to increase and improve permanent supportive housing in Downtown Los Angeles utilizing HUD’s Rental Assistance Demonstration (RAD) Program.
RAD is a rental housing preservation strategy that allows properties to be converted from one type of rental subsidy to another in order to improve their financial sustainability. The LISC grant allows us to create a two-project strategy and timeline to rebuild and create over 200 units of permanent supportive housing.
Long term, the planning work conducted for this RAD pilot will allow the Trust to rebuild its oldest and most physically and financially demanding properties, thus expanding the available supply of permanent supportive housing while simultaneously improving the quality of our existing portfolio and the wellbeing of our residents.
The mission of LISC is to equip struggling communities with the capital, strategy and know-how to become places where people can thrive. In Los Angeles, LISC utilizes capital investments and capacity-building strategies to improve the economic, physical and social living environment of economically disadvantaged neighborhoods. Learn more about LA LISC by visiting their web site.