The Low Income Investment Fund (LIIF) said it has launched a $20 million COVID-19 LIHTC Developer Fee Bridge Initiative to support affordable housing developers facing liquidity challenges in the wake of the Coronavirus pandemic and ensuing recession.
LIIF said in a press release that with a guarantee from the Community Investment Guarantee Pool (CIGP), the flexible capital would be available to fill gaps created when fees are stalled in phases of LIHTC development.
“Prior to the pandemic and recession, we were already grappling with a national housing crisis. We know that affordable housing developers are facing additional challenges in this time, so we need to do all we can to keep affordable housing projects on track,” said Leila Ahmadifar, LIIF’s vice president of National Markets. “Thanks to our partnership with CIGP, this initiative will provide critical liquidity to developers to keep their projects moving forward and guarantee pay checks for their employees.”