LA CDFI Starts Real Estate Investment Firm
Clearinghouse Community Development Financial Institution CEO Doug Bystry tells Bisnow the company will look to invest in stable multifamily and development or rehab projects, among other commercial real estate assets. He says the outfit hopes to provide a long-term source of income for the CDFI, which will continue to focus on lending in low-income neighborhoods. As far as the money Clearinghouse will set aside for this endeavor, Doug says it depends; lending activity and available capital will dictate it.
That access to capital should be improving. We told you just last month Clearinghouse earned an AA credit rating from Standard & Poor's, the nation's first non-depository CDFI to get rated. In addition to some return, Doug tells us the investment venture also will allow the firm to take on properties when making a loan is not an option. One of the company's most notable projects is providing $14M in New Markets Tax Credit allocations to build affordable housing at the massive One Sante Fe project in the DTLA Arts District, shown here.
