The Partnership for the Bay’s Future, launched with the support of the San Francisco Foundation, the Chan Zuckerberg Initiative, the Ford Foundation, NH&RA member Local Initiatives Support Corporation (LISC), Facebook, Genentech, Kaiser Permanente, the William and Flora Hewlett Foundation, the David and Lucile Packard Foundation and Silicon Valley Community Foundation, aims to advance the region’s future by solving its interconnected challenges of housing, transportation and economic opportunity.
It will begin with two funds—the Investment Fund and Policy Fund—to expand and protect the homes of up to 175,000 households over the next five years and preserve and produce more than 8,000 homes over the next five to 10 years in San Francisco, San Mateo, Santa Clara, Alameda and Contra Costa counties.
The Investment Fund, managed by LISC, will help to address the funding gap that limits the ability to preserve and produce affordable housing. The Partnership has already secured initial funding of more than $260 million for an intended $500 million Investment Fund and will continue to engage new partners and funders.
The Investment Fund has confirmed its first transaction—a revolving line of credit to the East Bay Asian Local Development Corporation (EBALDC), a local community development organization that works with diverse communities in the East Bay to build healthy, vibrant and safe neighborhoods. Community development organizations often miss opportunities to purchase available property because they lack timely access to the necessary capital. EBALDC anticipates this line of credit will support up to six projects over the next five years.
The Policy Fund will support initiatives to preserve and expand housing, with a strong focus on strengthening low-income tenant protections. The Policy Fund is led by the San Francisco Foundation and will be administered through two grant programs: Challenge Grants, which are larger awards to pursue ambitious, comprehensive protection and preservation solutions; and Breakthrough Grants, to provide technical assistance to jurisdictions that have the potential to develop affordable housing at scale. At the time of launch, the Policy Fund has secured almost $20 million for an intended $40 million for the Fund.