Founded in 1990, Los Angeles-based investment firm SP Investment Fund invests in innovative medical technologies and socially impactful affordable housing communities. SP Investment Fund partners with LifeSTEPS, a nonprofit organization that provides case management and social services to low and very low income residents of affordable housing in California.
LifeSTEPS advocates for legislation such as Proposition 1, which would allocate $4 billion in municipal bonds, also known as obligation bonds, to fund housing initiatives for families, individuals, seniors, and veterans with low incomes. In above-average priced property markets such as San Francisco and Portland, funding affordable housing projects with bonds is an effective way to provide housing for residents with low-incomes.
These bonds often fund programs that tackle affordable housing from multiple angles, including building new affordable housing, renovating existing units, and developing down-payment assistance programs for homebuyers. Municipal bonds can be funded through property taxes or purchased as investment vehicles by private buyers.
