Bringing Altadena Home
Introducing the Gap Rebuild Program
Altadena Land Initiatives has launched the Gap Rebuild Program, a community-driven solution that helps homeowners close the gap between their insurance proceeds and the real cost of rebuilding. ALI is a 501(c)(3) nonprofit founded by Eaton Fire survivors and longtime Altadena residents Ursula Hyman and Manny Abascal.
The Program Is Now Open
After working with pilot families, the Gap Rebuild Program is available to more Altadena homeowners ready to rebuild.
Why the Gap Exists
For most families, the obstacle is not willingness. It is math.
Altadena is a community where homeownership runs deep. Families have put down roots, built equity over generations, and held onto homes as the foundation of a legacy to pass down.
Yet after insurance, many homeowners still face a shortfall of 40 to 50% of their rebuild costs, a gap that FEMA assistance, SBA loans, and other recovery resources cannot close. As of May 2026, nearly 40% of Eaton and Palisades fire survivors have exhausted their temporary housing payments or expect to soon, and more than two in three remain displaced (Department of Angels, May 2026).
Without affordable financing, families face an impossible choice: take on high-interest debt, sell what is left of the property they spent a lifetime building, or walk away from the community they call home.
Altadena is our home. We founded ALI because homeowners deserve a clear, community-driven solution to rebuild and stay. Preserving homeownership is essential to protecting the character and stability of our neighborhoods.
How the Program Works
The program addresses the two biggest obstacles to rebuilding.
First, it fills the funding gap with zero-interest construction gap financing provided by Cathay Bank. Second, it simplifies construction by pairing homeowners with pre-selected builders, chosen for their availability, experience, pricing, reputation, and commitment to Altadena's recovery.
In a first-of-its-kind model, ALI purchases each loan the moment it is issued, serving as the financial engine behind every rebuild. But the program is more than a loan. ALI walks alongside each family, including insurance reviews that help maximize the resources already available to them. For families facing one of the most difficult situations of their lives, ALI replaces the burden of rebuilding with a clear, supported path home.
People assume that if you have insurance, you can rebuild. That is just not the case for us or for many families we know. There is a staggering gap between what it costs to rebuild and what families have. ALI gave us a path forward with the confidence that we can rebuild our lives when we thought we had run out of options.
A Model Built to Last
Designed so that every dollar works more than once.
Cathay Bank, attorneys, builders, nonprofit leaders, disaster case managers, and community members came together to build this infrastructure from scratch, much of it contributed pro bono. As homeowners receive their Edison settlements and repay their loans, that capital is recycled into new financing for the next family ready to rebuild.
What ALI built in Altadena is a blueprint with the potential to change how communities across the country recover from disaster, bringing families home faster and on terms that hold up over the long term.
Anchor Investors
The Change ReactionAltadena Builds Back FoundationFireAidAdvancing Lives in PasadenaThe Resnick Foundation
At Cathay Bank, we believe community investment goes beyond traditional lending. It means taking the initiative to create something new when the situation demands it. We are proud to have developed the financing infrastructure that makes this program possible, and we stand with Altadena families as they rebuild their homes and their futures.
Let's Talk About Coming Home
If you are a homeowner ready to rebuild, or a funder who sees what is possible when capital is structured as a catalyst rather than a gift, we would like to hear from you. Every dollar invested has the potential to bring more than one family home.
There is no cost or obligation to explore your options.
Members of the media can download the full press release.