SoLa Impact, a Los Angeles-based minority-led housing developer, has announced a $25 million investment from PayPal to expand its production of high-quality affordable housing in California's major urban markets. 

Part of PayPal’s commitment to advance racial economic equity and support Black and underserved communities, the investment in SoLa’s Black Impact Fund will help double its existing portfolio of 1,500 affordable housing units, and the organization plans to add another 4,000 units in California over the next two years, making SoLa Impact one of the nation’s largest Black-led developers and operators. SoLa Impact disrupts the affordable housing sector by leveraging private capital instead of government funds to meet the demand for high-quality affordable housing in California’s urban markets. With more than a decade of demonstrated results in several of Los Angeles’s lowest-income neighborhoods, SoLa Impact combines access to affordable housing with access to education, capital, and ownership to uplift Black and Latinx communities. 

“Our investment in SoLa Impact’s Black Impact Fund is part of our ongoing focus on sustained engagement and progress in areas of economic equality and social justice,” said PayPal senior vice president and treasurer Aaron Anderson. “Affordable housing is key to building financial health and we are committed to doing our part to break the cycle of inequality by partnering with SoLa Impact, an organization that is creating high-quality affordable housing, while creating economic opportunities in historically overlooked communities.”

(Photo Credit: Getty Images/simon2579)