New Loan Closings: Better Housing Coalition, Destination Tomorrow, HOLA Recuperative Care

$4.65 million participation in a $12.65 million loan with LISC as the lead lender (October 2023)

Better Housing Coalition (BHC) is Richmond, Virginia's largest non-profit community development corporation. Through affordable housing, they improve lives and transform communities. Each year, BHC supports nearly 1,100 Richmond residents by helping them find homes, supporting them with down payments, and offering dedicated programs for families and older adults.

NFF's loan participation will help finance BHC's Horner Apartment Project — a three-acre housing development with 49 affordable housing units. The development incorporates thoughtfully designed elements such as community open spaces and a loop walking trail for residents to enjoy. Safe and affordable housing is a human right; this development will restore that right to dozens of Richmond residents.

$500,000 bridge loan (November 2023)

Grassroots agency Destination Tomorrow (DT) works diligently to ensure LGBTQ+ people have the resources and community they need to thrive. Through its offices in Atlanta and the Bronx, each year the organization serves nearly 27,000 residents through their youth, housing assistance, career development, and healthcare programs.

Destination Tomorrow depends on government contracts for most of its funding. However, these contracts are paid after the nonprofit runs its programs and are frequently delayed, making it hard for DT to keep sufficient cash on hand. This loan will provide operating cash to help the organization maintain its essential services while they wait for contract reimbursement. With support from this loan, they can continue investing in critical programs that support thriving LGBTQ+ communities.

$500,000 bridge loan (October 2023)

Established in 2017, HOLA Recuperative Care (HOLA) is a for-profit service provider for individuals in LA County facing homelessness post-hospitalization. HOLA plays a crucial role in supporting clients through their healing process by assisting them in securing benefits and facilitating the transition to permanent housing during a particularly vulnerable period. With a goal of minimizing hospital readmission rates, HOLA focuses on securing stable housing for clients post-hospitalization. Each year, HOLA serves 900 people in LA County who are experiencing homelessness.

Many nonprofits receive government funding to provide their services but are paid after services are provided – and those payments are frequently delayed. Supported by Cedars Sinai and the Hilton Foundation, this zero-interest bridge loan will help HOLA cover ongoing organizational and programmatic costs while waiting for late reimbursements from its CalAIM Community Supports contracts. CalAIM promises to make recuperative care more accessible, but as it represents a significant change for both health plans and recuperative care providers like HOLA, payments to providers are often delayed. This financing will help HOLA keep offering its services to people in need during a critical time of transition.

"With NFF's loan, we have been able to institute some much-welcomed raises and fill positions such as a group therapy leader and an additional assistant to help the nursing staff. These funds are going directly to help the patients experiencing homelessness directly after they leave the hospital."

- Alex Mitchell, Co-Founder and CEO, HOLA Recuperative Care

Learn more about NFF’s loan products on the financing page of our website.