Impact at USC’s Price School of Social Innovation Annual Summit
This story was originally posted to the Official IH REIT website here.
USC’s Price School of Social Innovation’s Annual Summit Sponsored by Eddie and Jane Lorin: https://www.uscsocialinnovationsummit.com
Eddie and Jane Lorin sponsored USC’s Price School of Social Innovation’s Annual Summit held Friday, April 27, 2018. Over 150 people in attendance included city agencies and key stakeholders in Los Angeles covering non-profits providing services, Foundations, Donors, Developers and Educators. The agenda included panels titled “Housing the Workforce,” “Innovations to Increase the Affordable Housing Stock” and “Innovations to House the Homeless.”
The attendees broke into 15 groups in a workshop format to brainstorm solutions given 3 case studies. The format of the summit promoted great collaboration, attendee engagement and a positive experience was enjoyed by all.
At the all-day event, Lorin announced the first “NOAH” project (Naturally Occurring Affordable Housing) in conjunction with the City of Los Angeles which will take an existing 1920s apartment building in the East Hollywood district of Los Angeles and deem 50% of the property affordable in exchange for a property tax abatement.
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These affordable units are anticipated to be reserved for supportive housing for the homeless with services and social work provided by the 20 year old non-profit The People Concern, http://www.thepeopleconcern.org, Health and Wellness programming on-site at the property will be provided by the non-profit HAPI (Healthy Apartment Property Initiative founded in 2013 by the Lorins) which focuses on food insecurity and education https://www.hapiapts.org.
NOAH is an innovative concept Lorin proposed to the Los Angeles Housing + Community Investment Department (HCIDLA) in 2016 in order to pilot a Public/Private Impact Investment to provide another unique solution to the housing crisis.
By purchasing existing assets and deeming them affordable, the NIMBY (not in my backyard) deterrent to new development is eliminated along with the purchase of existing older properties costing as low as 40% of the replacement cost to build new. Lorin says he is pleased to be the first to launch this concept because “it just makes common sense.” Housing can be relatively immediate versus the 3-years it takes to build new.
Jane and Eddie Lorin are relentless in their pursuit to create new innovations to solve the housing crisis like NOAH. They have also sponsored the “Jane and Eddie Lorin Fellowship for innovative low income housing solutions” at USC’s Price School. The Fellowship will promote a competition for the most creative and inventive ideas for affordable housing.