The Conrad N. Hilton Foundation has announced a $12 million investment in the Corporation for Supportive Housing, a national nonprofit organization working to advance housing solutions for the most vulnerable people.

The investment — half in grant form and half in the form of a below-market-rate loan — will enable CSH to increase the supply of supportive housing for chronically homeless people in Los Angeles County. To that end, CSH will use the $6 million program-related investment from the foundation to continue to meet short-term financing needs in Los Angeles's permanent supportive housing market, with a focus on new housing creation; provide innovative small loans that increase the use of existing private market apartments for permanent supportive housing; and fund risky and/or stalled projects.

Previous investments from the Hilton Foundation have enabled CSH to leverage almost $270 million in public financing and more than $336 million in private financing over the past ten years into housing for people experiencing long-term homelessness.

"Together we have accomplished so much more than we ever could alone," said Hilton Foundation chair, president, and CEO Steven M. Hilton. "By serving as a stable source of early funding for CSH's loan programs, the value of our investments has increased exponentially over the years, spurring the development of many more housing units than we could directly fund ourselves. The data shows that our approach is working, so now we're eager to strengthen this partnership to help even more vulnerable and disadvantaged people in Los Angeles County find a home."