The northern California’s Metropolitan Transportation Commission has committed $10 million to launch the Bay Area Preservation Pilot (BAPP). Administered through Enterprise Community Loan Fund and the Low Income Investment Fund, BAPP will address a specific financing gap in the affordable housing market by offering 10-year term loans for the acquisition of affordable, market-rate rental properties. Once a property is acquired using a BAPP loan, developers will have up to 10 years to stabilize the property, making sure residents are not displaced. Beyond the 10-year period, developers will be expected to secure Low-Income Housing Tax Credits and/or other existing sources of affordable housing financing at the local, state, and federal level to ensure long-term affordability. For more information on BAPP, contact Justin Chen at Enterprise Community Loan Fund (email@example.com) or Melissa Garcia at the Low Income Investment Fund (firstname.lastname@example.org).