SoLa Impact announced that PayPal has made a $25 million investment into the South Los Angeles real estate developer’s Black Impact Fund. The investment which will help increase SoLa’s ability to scale the production of high-quality affordable housing, is part of PayPal’s $535 million commitment to advance racial economic equity and support Black and underserved communities.
“PayPal is uniquely positioned to create economic opportunity for underinvested communities. This investment will contribute to progress in closing the racial wealth gap and providing access to affordable housing in Black and brown neighborhoods,” said Martin Muoto, SoLa Impact Chief Executive Officer.
With an existing portfolio of over 1,500 housing units, SoLa Impact has been one of the most active affordable housing investors in South Los Angeles since launching in 2015.
Beyond housing, the developer’s unique approach to social impact provides practical solutions to address racial inequality by equipping tenants with vocational training, financial counseling, scholarships, and pathways to homeownership for Black and Latinx communities.
The Black Impact Fund, is part of SoLa Impact’s latest initiative to invest more than $1 billion in affordable and workforce housing and related social impact strategies across urban cities in California.