San Francisco Foundation invests $5 million in affordable housing fund

San Francisco Foundation invests $5 million in affordable housing fund

The San Francisco Foundation has announced a $5 million investment by its Bay Area Community Impact Fund in a new fund established to help keep Bay Area residents in their homes.

The loan to the Bay's Future Fund — the largest made to date by BACIF — will support efforts to preserve and create affordable housing across the region. To that end, the fund, part of the investment arm of the Partnership for the Bay's Future collaborative, will support efforts to improve housing options for people across the income spectrum, fill capital gaps, and expand the supply of affordable housing in the region.

The fund has already provided a loan to a local community organization — the Unity Council — to purchase two apartment buildings in the Fruitvale neighborhood of Oakland that will house a total of twenty-five families. The acquisition of the properties by the fund will ensure that all apartments in the two buildings remain affordable for families making below 80 percent of the area median income, with the majority affordable for families making below 50 percent of AMI. Existing tenants will be able to stay in their apartments, and the Unity Council will also offer employment services, free tax assistance, a Head Start program, and other services to tenants who need them.