A group of foundations, nonprofits, corporations, and community leaders in the Bay Area has announced a public-private partnership aimed at building a nine-figure fund to address the affordable housing crisis in the region.
Launched with support from the Chan Zuckerberg Initiative; the Ford, Hewlett, Packard, San Francisco, and Silicon Valley Community foundations; the Local Initiatives Support Corporation (LISC); Facebook; Genentech; and Kaiser Permanente, the Partnership for the Bay's Future will work to address the interconnected challenges of housing, transportation, and economic opportunity in San Francisco, San Mateo, Santa Clara, Alameda, and Contra Costa counties. To that end, the partnership is launching two funds to support efforts to protect the homes of up to a hundred and seventy-five thousand households over the next five years and preserve or build more than eight thousand homes over the next five to ten years.
More than $260 million in initial funding — including $40 million from CZI, $5 million from Genentech, and $1 million from SVCF — has been secured for the $500 million Investment Fund, which will focus on addressing the funding gaps that limit the ability of local organizations to build and preserve affordable housing. Managed by LISC, in partnership with Capital Impact Partners and the Corporation for Supportive Housing, the fund also will receive capital from Morgan Stanley.
A second, $40 million Policy Fund will support initiatives designed to preserve and expand housing, with a focus on strengthening protections for low-income tenants. To be led by the San Francisco Foundation, the fund will offer two kinds of grants: larger Challenge Grants to help organizations pursue ambitious preservation and protection solutions; and Breakthrough Grants, which will provide technical assistance to jurisdictions that have the potential to develop affordable housing at scale.
"This is a defining moment for the Bay Area region," said San Francisco Foundation CEO Fred Blackwell. "We cannot make meaningful progress toward equity and inclusive prosperity in the region without addressing the affordable housing crisis. The partnership, with its regional and multi-sector approach, is committed to bold solutions to solving the housing crisis and to championing equitable approaches to protection, preservation, and production."