California Community Foundation Announces $55 Million Gift from Philanthropist MacKenzie Scott to Support Housing & Immigration Grantmaking Efforts in Los Angeles

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Aug 09, 2022, 14:53 ET

LOS ANGELES, Aug. 9, 2022 /PRNewswire/ -- The California Community Foundation (CCF) announced today its second transformative gift from author, advocate and philanthropist MacKenzie Scott in the form of two single-family residences located in Beverly Hills jointly valued at approximately $55 million dollars. This discretionary gift will allocate 90% of sale proceeds to the Foundation's affordable housing grantmaking. The remaining funds will be allocated by CCF to support its immigrant integration program to advance opportunities for the millions of immigrants from throughout the world who call Los Angeles County home.

The cost of housing stands out as one of the most critical issues affecting the lives of millions of Los Angeles residents. A priority for Ms. Scott, the primary focus of the $55 million will be to permanently endow grantmaking efforts to benefit Angelenos in need of affordable housing. Since 2000, CCF has granted over $30 million to ensure Angelenos have safe and stable homes, together with the economic opportunities they need to thrive. CCF has also been an advocacy leader for increased affordable housing production, helping lead the passage of Proposition HHH, an initiative to add 10,000 new units in the City of Los Angeles by 2026. Los Angeles is poised to exceed its target by funding 10,510 units in 178 projects. Ms. Scott's gift will permanently support the expansion of these grantmaking efforts.

"We applaud and are grateful to MacKenzie Scott's extraordinary philanthropic investment in Los Angeles," said CCF President & CEO Antonia Hernández. "Her singular commitment -- here and across the country – to transformative philanthropy has already secured the long-term future of dozens of non-profits. With the California Community Foundation, her generosity will support organizations struggling to solve some of the most intractable issues facing our community. We are grateful for her partnership."

Today's gift follows an earlier, $20 million gift made to CCF in 2021 to establish the LA Arts Endowment Fund which will support diverse, small to mid-sized arts organizations that play a vital role in Los Angeles' creative economy.

MEDIA CONTACT:

Paula Valle Castañon at pvalle [@] calfund [.] org or 213.452.6233

The California Community Foundation (CCF) has served as a public, charitable organization for Los Angeles County since 1915. Its mission is to lead positive systemic change that strengthens Los Angeles communities. CCF stewards $2.5 billion in assets and manages 1,800 charitable foundations, funds and legacies. For more information, please visit calfund.org.

SOURCE California Community Foundation