Sola I CAN Foundation

Los Angeles, CA
Round
Spring-Summer 2021
Project Type
Fast track
Project Focus
Business Plans,
Finance
Organization Type
Human Services

Organization

Sola I CAN Foundation (SOLA), the nonprofit affiliate of Sola Impact, works to end intergenerational poverty in South Los Angeles through community development and support and access to economic opportunity. It provides health and human services, education and training in career development, technology, financial literacy and college readiness, and has awarded more than $1 million in scholarships. Sola Impact is a Black-led real estate development corporation that has invested $180 million in affordable housing since 2012 in South Los Angeles. Sola Impact, which rents its housing to residents, prioritizes social impact, creating SOLA in 2017 and continues to fund the Sola Impact employees who are now SOLA’s leadership.

Issue

How can the Sola I Can Foundation provide affordable home ownership opportunities to underserved families in the Black and Latinx communities?

Situation

SOLA wants to expand its impact to address racial inequity and the wealth gap by building housing for sale at cost to low and moderate-income individuals. SOLA is launching a nonprofit Black Impact Community Fund which will fund SOLA housing developments that Sola Impact will build. SOLA is seeking opportunities to partner with faith-based organizations, local governments, and other nonprofits to better utilize surplus or underutilized land. SOLA hopes to launch a pilot home development project in Los Angeles by late 2022.

Project Objectives

SOLA is requesting an ACT team to create a financial model to develop and build affordable homes, potentially with national expansion. The ACT team will:

  1. Review and assess various public and private financing options, construction loans, land contracts, etc. Sola Impact’s bank, First Republic, will be available to the team for discussion. 
  2. Develop a flexible financing structure for buyer contracts, including protection against “flipping” for quick profit.
  3. Outline a financial roadmap/milestones for the pilot home development.

Other

This is a Fast Track project:

  • Scope: Focused, specific organizational issue
  • Team Size: 3-4 consultants, including 1 project leader
  • Project Duration: 3 months
  • Estimated Time Contribution: 25-30 hrs total (per consultant)

Read more about the Fast Track Project Consultant role.