Hudson Pacific Properties Announces $20 Million Commitment to Address Homelessness in Core Markets

Rhea-AI Summary

Hudson Pacific Properties (NYSE: HPP) has pledged $20 million over five years to enhance affordable housing and support those experiencing homelessness. This initiative is part of their Better Blueprint™ corporate responsibility platform, focusing on impact investments and philanthropic donations in key markets including Los Angeles and San Francisco. The company is investing $3 million into the Supportive Housing Fund, aiming to expedite and reduce the costs of permanent housing development. This commitment reflects Hudson Pacific's recognition of the urgent need for affordable housing amidst rising costs in California and other regions.

Positive

• Pledge of $20 million to support affordable housing and homeless services over five years.
• Investment of $3 million in SDS Capital Group’s Supportive Housing Fund for expedited housing development.
• Partnership established with RMG Housing to develop supportive housing at reduced costs.

Negative

• None.

Hudson Pacific Properties, Inc. (NYSE: HPP) today announced that it is pledging $20 million over the next five years to increase affordable housing and support individuals and families experiencing homelessness. The comprehensive program, which is part of Hudson Pacific’s Better Blueprint™ corporate responsibility platform, will include both impact investments and philanthropic donations in Hudson Pacific’s core markets of Los Angeles, Silicon Valley, San Francisco, Seattle and Vancouver.

As part of this commitment, Hudson Pacific is investing $3 million with SDS Capital Group’s Supportive Housing Fund, which in turn invests in the development of permanent, supportive housing across Los Angeles and the San Francisco Bay Area. SDS Capital Group will partner with affordable housing developer RMG Housing to complete the developments three times as fast and at less than half the average per-unit cost of permanent sustainable housing in California.

More than half of all unsheltered homeless people in the United States are in California according to the 2019 Annual Homeless Assessment Report to Congress. At the same time, the median cost of a house in California is more than twice the national level. Seattle and Vancouver face similar challenges, with rising housing costs and demand for affordable housing far outweighing the available supply.

“Our commitment to solving the homelessness crisis is the cornerstone of Hudson Pacific’s community outreach, and it’s absolutely essential that as a company we are part of the solution across our markets,” said Victor Coleman, Chairman and CEO of Hudson Pacific. “We own and operate properties in some of the world’s most vibrant cities, which, even more so now in light of the pandemic, lack sufficient affordable housing and homelessness resources. Hudson Pacific is making this $20 million pledge because we believe we have a moral responsibility and a business imperative to collaborate and cultivate innovative approaches that holistically address this crisis.”

“The status quo approach to building housing for our most vulnerable populations must change,” said Natalie Teear, Vice President of Sustainability and Social Impact at Hudson Pacific. “In Los Angeles, for example, it costs over $500,000 to build one unit of permanent supportive housing. In the Bay Area that number exceeds $700,000. Our goal with this new impact investing platform is to support new, innovative approaches with the potential to unlock big changes in the ways we currently deal with homelessness and housing affordability challenges.”

Hudson Pacific has a history of supporting homeless services organizations, including a $500,000 gift to the Union Rescue Mission in Los Angeles last year, among others. The donation has already had an impact, contributing to URM’s new bridge housing facility, Angeles House, located in South Los Angeles. The three-story, 72,000-square-foot facility is anticipated to be completed this summer and will provide housing for 86 families as well as support services like day care, job training and medical care.

Details about additional specific investments and donations will be announced as available. In addition to the $20 million pledge, Hudson Pacific will continue to enhance neighborhoods through sustainable real estate development, service initiatives and employee volunteerism. Future updates and additional information about Hudson Pacific’s Better Blueprint™ can be found here.

About Hudson Pacific Properties

Hudson Pacific is a real estate investment trust with a portfolio of office and studio properties totaling over 19 million square feet, including land for development. Focused on premier West Coast epicenters of innovation, media and technology, its anchor tenants include Fortune 500 and leading growth companies such as Netflix, Google, Square, Uber, NFL Enterprises and more. Hudson Pacific is publicly traded on the NYSE under the symbol HPP and listed as a component of the S&P MidCap 400 Index. For more information visit HudsonPacificProperties.com.

Forward-Looking Statements

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FAQ

What is Hudson Pacific Properties' recent commitment regarding affordable housing?

Hudson Pacific Properties has pledged $20 million over five years to improve affordable housing and support initiatives for homelessness.

How much is Hudson Pacific investing in the Supportive Housing Fund?

Hudson Pacific is investing $3 million in SDS Capital Group’s Supportive Housing Fund to facilitate housing development.

Which markets will benefit from Hudson Pacific's $20 million pledge?

The $20 million pledge will focus on markets including Los Angeles, Silicon Valley, San Francisco, Seattle, and Vancouver.

What problem is Hudson Pacific addressing with their housing initiative?

Hudson Pacific aims to address the homelessness crisis and the lack of affordable housing in regions with rising costs.

What partnership has Hudson Pacific established to support housing development?

Hudson Pacific has partnered with RMG Housing to develop permanent supportive housing more efficiently and at a lower cost.