Altadena Builds Back Foundation’s New Investment Speeds Up Rebuilding for Fire Survivors

 Community-centered financing solution will help as many families as possible

ALTADENA, CA, July 30 — In a first-of-its-kind approach to disaster recovery, the Altadena Builds Back Foundation (ABBF) announces a $4 million investment in Altadena Land Initiatives Corporation, a 501 (c)(3) not-for-profit organization to help fire survivors as they rebuild. This investment, which funds zero-interest construction gap loans, will support an innovative new model to help fire survivors rebuild and return home.

Created by Eaton Fire survivors and long-time Altadena residents, Altadena Land Initiatives Corporation will administer the just-announced Rebuild Gap Program, which helps cover the difference between available funds, such as insurance payouts, and the full cost of rebuilding, ensuring families can complete construction and return home. The program includes a zero-interest construction gap loan, with no payments due until the homeowner receives Edison settlements or the property is refinanced or sold. To guarantee consistent standards and safeguard fire survivors’ investments, financing is available only when families choose one of Altadena Land Initiatives Corporation’s vetted builders. Altadena Land Initiatives Corporation will provide families with dedicated guidance from start to finish, including insurance and construction navigation.

Rebuilding remains out of financial reach for too many community members. The most recent Department of Angels Survey reported that nearly half of survivors have depleted significant portions of their savings, and over four in 10 have taken on debt. The Altadena Builds Back Foundation’s investment is designed to bridge the financial gap for construction, so that depleted savings and mounting debt don’t prevent families from returning home. 

Altadena Land Initiatives Corporation is now reviewing families from an existing waitlist based on referrals from disaster case managers and nonprofit partners, including Foothill Catalog Foundation, San Gabriel Valley Habitat for Humanity, The Wiley Center, HPP Cares, and The Change Reaction. Homeowners who are interested in working with a vetted builder may also contact Altadena Land Initiatives Corporation to determine if this program is right for them.

“We don’t want families being forced to sell and leave the community they call home. We know families need affordable solutions now, and we’re proud to help our neighbors move forward with a clear path home,” said Ursula Hyman, Co-Founder of Altadena Land Initiatives Corporation.

This investment marks the first time a philanthropic organization is supporting zero-interest construction gap loans as a strategy to accelerate rebuilding in a disaster response setting. 

“This structure is designed to stretch every dollar further, allowing ABBF to support as many families as possible at a moment when the need is so great,” said Jennifer DeVoll, Executive Director, Altadena Builds Back Foundation. “This investment represents ABBF’s latest effort to explore innovative, community-driven solutions that make it possible for families to return home.” 

ABBF is pleased to make this investment in Altadena Land Initiatives Corporation in partnership with our philanthropic partners, Molly Munger and Stephen English. For more information about Altadena Land Initiatives Corporation, their vetted builders, and future loan opportunities, homeowners can visit alirebuilds.org, email info@alirebuilds.org, or call 626-609-2624.

Media Contact – media@pasadenacf.org

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ABOUT ALTADENA BUILDS BACK FOUNDATION 

Altadena Builds Back Foundation (ABBF) is a supporting organization based out of the Pasadena Community Foundation (PCF). ABBF is helping drive the long-term recovery of housing in Altadena to make sure displaced residents can continue to live in their community and preserve the diversity, character, and affordability of Altadena. For more information, visit pasadenacf.org/fund/altadena-builds-back-foundation-fund/. 

ABOUT ALTADENA LAND INITIATIVES CORPORATION 

Altadena Land Initiatives Corporation draws on decades of housing and recovery experience, community development expertise, and nonprofit leadership, ALI developed a practical, community-centered financing solution that enables homeowners to rebuild without being burdened by traditional loan structures that do not align with the realities of post-disaster recovery. ALI facilitates the funding of zero-interest gap loans issued through a designated lending partner. For more information, visit alirebuilds.org.