Driving affordable housing solutions for a more equitable future

Founded in San Francisco in 1984, the Low Income Investment Fund (LIIF) operates with a clear mission: “Everyone in the United States should benefit from living in a community of opportunity, equity, and well-being.” To realize this vision, LIIF mobilizes capital and partners to foster economic mobility and racial equity. Over the next decade, LIIF is driving $5 billion in investments aimed at advancing these critical social goals.

One of LIIF's significant initiatives is the Keeping Homes Affordable program, a $50 million national affordable housing preservation financing facility. This fund is strategically designed to provide acquisition financing for non-profit and mission-driven for-profit developers focused on acquiring and preserving affordable multifamily housing projects. The program addresses three primary impact goals:

1. Preserving and recapitalizing existing affordable multifamily housing to ensure long-term availability.
2. Encouraging qualified operators to acquire multifamily affordable housing properties and practice attentive ownership that benefits both residents and communities.
3. Making sure that strategic physical improvements and renovations are made to enhance property quality while keeping rents within reach for tenants.

The Keeping Homes Affordable initiative is a collaborative effort led by LIIF alongside Praxis Mutual Funds CDI partner Calvert Impact as well as other investors. This type of partnership allows for more flexible acquisition financing terms tailored to developers' needs.

Impact Story: Arborside Apartment Homes

A notable example of this initiative's impact can be seen at Arborside Apartment Homes—a 144-unit garden-style complex built in 1971 located in Decatur, Georgia. Spanning across 44 buildings with one-, two-, three-, and four-bedroom layouts, Arborside represents naturally occurring affordable housing where the sponsor aims to maintain affordability while enhancing property quality. The developer, Lemor Development Group, LLC is a certified Minority Business Enterprise committed to improving living conditions without raising rents excessively.

Through initiatives like Keeping Homes Affordable, LIIF continues its vital work towards advancing racial equity by generating equitable outcomes that uplift communities across the United States.

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The Praxis commitment

Praxis Mutual Funds supports organizations through investments in Calvert Impact, an impact-investing institution that helps people around the world through community development financing. It’s part of the Praxis commitment to place approximately 1% of each of its funds to benefit neighborhoods and individuals through community development investments.