Dear London Community Foundation supporter:

For the past six years, LCF has quietly demonstrated its leadership in the affordable housing space through its Social Impact Fund (previously named the Social Loan Fund) – a $10 million revolving loan fund that has enabled the creation of 341 units of affordable housing to date.

As a loyal supporter of both the Foundation and our community, it’s thanks to your compassion and generosity that much of the work we’re doing is possible. We know you have an interest in affordable housing and we’d like you to be among the first to know that we are deepening our commitment to addressing our community’s affordable housing crisis with a dedicated affordable housing fund of $17-$20 million.

The affordable housing fund will support the growth of affordable housing in our community through donor contributions. This fund will offer flexible financing for community organizations interested in creating affordable housing, as they often struggle to obtain financing from traditional financial institutions.

Working with community partners, our goal is to enable the building of 300 affordable housing units a year, closing the 3,000-unit gap (identified by the Housing Development Corporation) in 10 years.

One of the primary barriers encountered when entering the affordable housing market is the often prohibitively expensive start-up costs. Before a project can begin construction and access traditional financing, capital is needed to fund assessments, for land acquisition, and to cover planning and zoning expenses. This can result in a catch-22 situation, where money (bridge financing) is needed to begin the process but is normally only accessible after the first phase is completed.

LCF is uniquely positioned to fill this niche. By providing low-interest, early stage, flexible financing, LCF is able to help groups creating affordable housing get shovels in the ground faster.

We believe in a community where an adequate, safe, and affordable place to lay your head isn’t out of reach for anyone. Join us as we continue to tackle London’s housing crisis. Together, we can create a future where every Londoner has a home.

Sincerely,

Martha Powell, President & CEO