MATCH reflects some of the lessons learned in that program.
In the Bay Area, the Metropolitan Transportation Commission and the Association of Bay Area Governments have previously seeded the Bay Area Transit Oriented Affordable Housing Fund (TOAH Fund) in 2011. While public-private blended capital for community development is not a new concept, Metro stepping into this investment role reflects emerging leadership among public transportation agencies to address social equity. In addition, by targeting homes near transit, these investments will also reduce greenhouse gas emissions and improved physical and mental health outcomes for residents.
We, along with our MATCH partners, expect these investments to help address the region’s worsening housing affordability and homelessness crisis by bringing much needed capital for affordable housing. MATCH meets a need for long-term, patient capital critical for successful transit-oriented development, identified early on by local affordable housing developers and their partners. This innovative partnership, years in the making between Metro and community partners working with the LA THRIVES network, will bring an estimated $75 million for acquisition and predevelopment financing to preserve and expand affordable homes near high quality transit. We have joined Metro, local foundations and Community Development Financial Institutions (CDFIs) in a shared vision for a healthy, sustainable and equitable Los Angeles. LA LISC is excited to be a partner in the Metro Affordable Transit Connected Housing (MATCH) program–an affordable housing loan program for Los Angeles County.