Santa Monica, CA–(HISPANIC PR WIRE – BUSINESS WIRE)–September 26, 2007–CityView, a national housing investor, announced the launch of the CityView Los Angeles Fund, a new $150 million-plus fund to create more workforce housing in Los Angeles County. Yesterday, at a launch event for local homebuilders, elected officials and community leaders, CityView Executive Chairman Henry Cisneros, President Joel Shine, Chief Operating Officer Sean Burton and Fund Managing Director Con Howe were joined by Los Angeles County Board of Supervisors Chairman Zev Yaroslavsky, Los Angeles City Council President and District 13 Councilmember Eric Garcetti and District 14 Councilmember Jose Huizar, as they unveiled plans for the fund’s homebuilder partnerships to finance, acquire and entitle land for the development of market-rate, workforce housing in the Greater Los Angeles area.
“With housing costs rising faster than incomes, the imbalanced workforce housing supply in Los Angeles County is a crisis. There is a great demand for options to address challenges such as long commutes and a skyrocketing housing market,” said Cisneros. “CityView plans to partner with homebuilders and developers to address a pressing issue and build homes within the price range of working families such as teachers, nurses, police officers and firefighters – the people who keep Los Angeles County moving. Our partnerships and this announcement embody our commitment to fund homebuilders to develop the American dream.”
This past May, Howe, the former head of planning for the city of Los Angeles, was named as the Managing Director of the CityView Los Angeles Fund. Based in Santa Monica, CityView has financed the building of more than 1,700 homes at or near the median home price in various areas of Los Angeles County.
The venture builds on CityView’s success with the California Public Employees’ Retirement System (CalPERS) and adds three local pension funds – the Los Angeles Fire and Police Pension (LAFPP), the Los Angeles City Employees’ Retirement System (LACERS) and the Los Angeles County Employee Retirement Association (LACERA).
The CityView Los Angeles Fund also offers the specialized knowledge necessary for complex housing developments, such as infill projects, and brings the creativity for the development of underutilized land. CityView’s ‘Capital Plus’ strategy offers debt financing, entitlement support, community outreach, marketing and project insurance.
“Workforce housing projects are often challenging and require more than capital to get started. CityView’s ‘Capital Plus’ strategy will offer Los Angeles-area homebuilder and developer partners financing solutions along with the vision, creativity and expertise needed to get these complicated deal structures to the drafting table,” said CityView President Joel Shine.
The CityView executive team also described the countless opportunities for urban revitalization, which will provide new housing stock in many of the county’s downtown areas.
“CityView is eager to expand its current partnerships with homebuilders, community leaders and elected officials to rejuvenate urban areas that have not seen development in years. We’ve had great success with projects that have revitalized an area,” said Howe.
Howe points to Aria at Renaissance in Inglewood, one of CityView’s first projects. CityView teamed up with John Laing Homes to develop the site near Los Angeles International Airport, which was formerly used for oil drilling and storage. Today, the development of 157 detached, single-family homes is the largest master-planned community Inglewood has seen in more than 15 years.
Howe added that the fund also aims to combat barriers to entry-level homeownership by connecting homebuilders to employee organizations, mortgage providers and government programs to acquire and entitle urban infill and transit-oriented sites.
“In addition to bringing market-rate, workforce housing, the CityView Los Angeles Fund will serve as a catalyst for economic development, urban revitalization and transportation solutions.
CityView is ready to partner with homebuilders, developers, city officials and community leaders who want to bring new housing opportunities to the working families of Los Angeles County,” said Howe.
CityView is a national housing investor, funding homebuilders to develop the American dream. Based in Santa Monica, California, CityView has invested more than $700 million to build homes for working families across the nation. The firm has partnered with homebuilders and developers in more than 30 communities across 12 states. The total value of the 6,000-plus homes CityView has financed is more than $2 billion and growing. CityView has additional offices in New York City, Dallas, and San Antonio. For more information visit http://www.cityview.com.
Note to Editors: Contact CityView for photos, 310-566-8718.