PayPal Moves Forward with South LA Affordable Housing Pledge

Martin Muoto, chief executive officer, founder/managing member, Sola Impact; Gray Lusk – chief operating officer, co-founder/operating partner, Sola Impact (Sola Impact, iStock)

Palo-Alto-based financial technology firm, PayPal, followed through with a $25 million investment in affordable housing developer, SoLa Impact. The money is dedicated to the developer's "Black Impact Fund" which is tasked with developing affordable housing in primarily Black and Latino communities throughout Los Angeles. The Black Impact Fund has raised over $250 million with an eventual cap of $300 million.

PayPal has touted its investment as part of the company’s focus on “sustained engagement and progress in economic equality and social justice.” “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,” PayPal Senior Vice President Aaron Anderson said.

SoLA Impact has more than 1,500 affordable apartments in greater Los Angeles with 1,500 more in development

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