P.M. BRIEFING : $77 Million Raised for Housing
WASHINGTON — Corporate leaders said today they have raised $77 million for a program that will create about 2,000 units of low-income housing worth $200 million.
The $77-million fund represents the largest single corporate investment in community-based low-income housing ever made in the United States, according to leaders of the National Equity Fund.
The Local Initiatives Support Corp., the nation’s largest nonprofit community development support organization, created the fund three years ago. The fund uses corporate money as equity investments in low-income housing that will be developed, owned and managed by nonprofit developers.
The $77 million will leverage investments in the program from other sources.
Los Angeles is among the 15 cities in which the 1989 funds will be invested.
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