Rancho Cucamonga, Calif. – National CORE has been awarded $5 million from the Southern California Association of Governments (SCAG) through its Regional Early Action Planning (REAP 2.0) Lasting Affordability Program. The funding will expand National CORE’s Catalyst Fund, a financing tool designed to accelerate affordable housing production.
National CORE initially established the Catalyst Fund with a $2 million Capital Magnet Fund investment to help cover early-stage development costs that are often difficult to finance. With SCAG’s investment, the fund will grow to $7 million, enabling National CORE to advance more projects while leveraging significantly larger public and private investment.
“We are grateful to SCAG for its leadership and investment in innovative approaches to increase housing supply and lasting affordability across Southern California,” said Michael Ruane, President of National CORE. “This partnership represents a scalable solution that can benefit communities across the nation.”
Structured as a revolving fund, capital is repaid and redeployed as projects secure construction and/or permanent financing, allowing the same dollars to support multiple developments over time while accelerating housing production.
Through the Catalyst Fund, National CORE expects to advance at least 27 affordable housing communities totaling more than 2,500 homes across Los Angeles, Orange, Riverside and San Bernardino counties.
The fund provides flexible capital for critical early development activities such as site control, environmental review, entitlement work and design. These early phases typically take 18 to 36 months, and delays during this period can significantly increase development costs. By providing capital earlier in the process, the Catalyst Fund helps move projects forward faster while reducing development costs.
“SCAG’s investment represents an important step toward expanding innovative financing solutions that help communities address the housing crisis,” said Alexa Washburn, Chief Development Officer at National CORE. “Through the Catalyst Fund, we are creating a scalable model to accelerate affordable housing production.”
Expanding the fund is a key initiative outlined in National CORE’s strategic plan. The organization’s long-term goal is to grow the Catalyst Fund to $50 million, creating a sustainable financing platform that accelerates affordable housing production and serves as a model for communities across the nation.
Projects supported through the fund will serve a range of residents, including families, seniors and individuals experiencing homelessness, with homes affordable to households earning up to 80 percent of Area Median Income.
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