East Palo Alto Mobile Park Residents’ Last Shot at Ownership

After spending most of their lives in a neighborhood and homes that have brought them much comfort and joy, Melieni Felmaka Talakai and Germany Fomby are facing the unsettling reality: they might be losing their homes. In the Spring of 2020, Melieni, Germany and their neighbors at Palo Mobile Estates, a mobile park home in East Palo Alto, were notified that the park was undergoing a conversion into a resident-owned park. Though they have a right to remain, their rent is likely to double or more over the next few years. And while residents were given the right of first refusal with a 10% to 20% discount to purchase the lots underneath the homes, they were only given 90 days to raise the money. Most residents could not raise the money on time and have lost the benefit all together.  

It will take close to $20 million to keep all the residents in their homes. Most residents, like Melieni and Germany, own their homes but not the lot under it. Others, who rent their homes, are hoping to purchase both the home and the lot. In 2021, the East Palo Alto City Council appropriated $2 million to help residents of Palo Mobile Estates purchase the lot beneath their homes, but that leaves an $18 million gap that still needs to be raised.  

Germany, a minister of 30 years at Trinity Church in San Mateo, shares his proudest moment, “21 years ago, I purchased my home in Palo Mobile Estates Park, making me one of the first homeowners in my family. I found East Palo Alto’s best kept secret: a thriving, diverse and loving community full of dreamers and passionate individuals, all born of humility and great character. But some of these folks have been forced to move away.” He laments: “They weren’t able to stay. They pulled their roots from right under them. I can’t imagine that happening to my daughter and grandkids, whose survival depends on us being able to stay in our home.”  

East Palo Alto has historically dealt with housing inequalities stemming from policies such as disinvestment in impoverished communities and racist redlining practices. The city is still feeling the impact of that history: in 2019, just 35% of Latinos in East Palo Alto accounted for homeownership, while White homeownership was at 72% and continues to grow, furthering the wealth gap across the city. Additionally, 67% of the city’s Latino tenants are rent burdened (spending more than 30% of their income on rent) compared to 41% of White tenants. 

“We moved into Palo Mobile Estates in 1988 with my late husband and unborn twin girls.” Melieni, a nurse at Ravenswood Health Center, recalls. “I became a mother here. Because of the affordability of my home, I was allowed to invest in my career. I became a nurse and brought free healthcare to East Palo Alto – a community that is historically under resourced.” Melieni co-founded Taulama for Tongans, a volunteer nonprofit that provides health education to the Pacific Islander community. “My family was able to survive my late husband’s passing because I was able to pay the mortgage by myself. Now I fear for the future of my sons. Where will we go? We can lose everything.”  

With a looming rent increase happening in August 2022, Melieni and Germany are hopeful they will soon be approved of a City of East Palo Alto loan. “My sons and I are hopeful,” Melieni said. “But the reality is that the Covid-19 pandemic really hit us hard. We depleted our resources, and our credit scores took a huge hit. We don’t qualify for financial assistance and banks won’t work with us. We have exhausted our options and while we applied for the loan through the city council…It’s so unsettling to know your fate in someone else’s hand.”  

Karen Camacho, who previously served as a Housing Fellow in East Palo Alto as part of the Partnership for the Bay’s Future’s (PBF) Policy Grants program and is now serving as East Palo Alto’s Housing Project Manager, is working to keep these residents in their homes. “We must prioritize raising $20M by August 2022. We have to keep these amazing folks from being displaced. I also grew up in a mobile park Palo Alto and I would not be here today if it weren’t for the community at Buena Vista Mobile Park.” Karen is quick to point out she has not done this work alone and that other community organizations have jumped in to help the residents raise money.  

Vanessa Smith, Community Land Trust Program Manager at East Palo Alto Community Alliance and Neighborhood Development Organization (EPACANDO), also a PBF grant recipient, currently leads the fundraising, resident outreach, and advocacy efforts for Friends of Palo Mobile, a coalition composed of Youth United for Community Action (YUCA), EPACANDO, Preserving Affordable Housing Assets Longer, Inc (PAHALI) community land trust, and PBF grantees. “Amongst advocacy, resident outreach, and technical support,” Vanessa said, “Friends of Palo Mobile are also fundraising for the purchase of lots to stabilize long-term affordability at Palo Mobile Estates. At the root of these efforts is anti-displacement work.”  

“I have built wealth here beyond money,” Melieni said. “I dream of nothing more than to leave this place for my four kids. I have given my children the gift of true financial freedom. But who will save my children if they are not able to stay here”  

Everyone deserves a home. A place where a family like Melieni’s can thrive and be catalysts to the health and growth of our neighborhoods. A place where generations of families, like Germany’s children and grandchildren can continue a legacy. Everyone deserves true financial freedom. A home for many represents generational wealth but most importantly a safe place and future for their children. In order to keep residents of Palo Mobile Estates housed, $20m must be raised in the next two months. To lend your support, please email Duane Bay at dbay@epacando.org or Vanessa Smith at vsmith@epacando.org. 

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PRESS RELEASE:
New Tool Tracks Bay Area Cities’ Progress Towards Meeting Their Affordable Housing Needs

For Immediate Release: June 26, 2022
Contact: Jordan Shapiro, jshapiro@sff.org, 415.269.0172

The Housing Readiness Report evaluates cities’ affordable housing progress and provides numerous ways for residents to advocate for their communities’ needs.

The Partnership for the Bay’s Future (PBF) is pleased to announce the Housing Readiness Report, an affordable housing tool that provides Bay Area housing advocates with data, resources and tools to track, monitor and engage in their cities’ housing plans and policies to ensure equitable racial and economic outcomes.

How Cities Are Assessed
The Housing Readiness Report was developed to provide easy-to-read details on how impactful the housing crisis is to the Bay Area’s most vulnerable communities and how ready each city is to tackle the crisis. “Housing Readiness,” – a city’s potential ability to increase affordable housing for its most vulnerable populations – is assessed using the following metrics:

  • Local needs: The demographics of an existing city’s population and the percentage of that population who are burdened by rent are assessed to determine housing needs. 
  • Affordable housing production: The city’s capacity and willingness to reach affordable housing unit goals as set by Regional Housing Needs Allocation (RHNA), especially in relation to meeting its existing population demographics. 
  • Housing policies: The number of housing policies and the potential impact of each policy that a city has enacted to protect tenants, and preserve and produce affordable housing. 

“When we began developing this tool,” said Khanh Russo, VP of Policy and Innovation at San Francisco Foundation, “we knew that it needed to be viewed through an equitable lens. All the housing data in the Bay Area shows that Black, Latinx and Native American communities are hit the hardest by increasing housing costs – they spend the highest percentage of their income on rent and as a result are displaced at the highest rates. We knew we had to create a tool that not only raises awareness of this, but also provides a way for people to take part in solving this problem.” 

The Community’s Role
Throughout California, cities are developing policies and programs as well as finding land to develop low-income to market-rate housing to meet their RHNA goals. These local housing plans are developed every eight years and are called the Housing Elements, which also, by law, must include community input. Nobody knows more about the challenges a community faces than the people who live there, so The Housing Readiness Report was timed to be released during this planning process to involve community members and ensure their voices are heard. 

The Housing Readiness Report collected trusted resources from across the Bay Area and assembled them in a way to make it easy for people to get involved in the Housing Elements process. It guides the community members and housing advocates through numerous ways to make an impact, whether they have just 5 minutes, an hour or more to address their community’s needs.  

“We have a once-in-a-decade chance to address current housing problems, invest in our communities, and create better housing options for all,” said Amie Fishman, Executive Director at Non-Profit Housing Association of Northern California. “Coming together and speaking up now is the only way to make sure that cities prioritize strong, thriving, equitable communities in this process to set the future for our neighborhoods.” 

Phase 1 of the Report
This release of the Housing Readiness Report was funded by the Chan Zuckerberg Initiative and is a beta project and the first phase of releases. This phase evaluated 11 cities – including all of the Bay Area’s largest cities – all of which are grantees of PBF’s Policy Grants program, which expedited collecting data. This is a long-term project and plans include expanding the list of cities and adding features in the next phase.

Visit the Housing Readiness Tool at housingreadinessreport.org.

Get Trained
Community members, housing advocates, policymakers and anyone else who is interested in the Housing Readiness Report is invited to attend a training session for the tool on Tuesday, August 23, 10:00 – 11:00 am. Register at bit.ly/HousingReadinessTraining.

About the Regional Housing Needs Allocation (RHNA)
Every eight years, the California Department of Housing and Community Development (HCD) develops RHNA goals – a set number of new homes and how affordable those homes need to be that regions must build in order to meet local housing needs of people at all income levels. Once the regional RHNA goals are set, each region’s “council of governments” (in the Bay Area, this is the Association of Bay Area Governments) allocates the housing needs amongst all cities and counties within the region. If cities and counties do not meet these housing goals, they will not receive certain types of state funding. 

About Partnership for the Bay’s Future
PBF is an innovative and collaborative effort guided by racial equity and economic inclusion to protect tenants in affordable homes while preserving and producing affordable homes to meet the region’s needs. PBF is composed of the Policy Grants supporting the creation and implementation of policies to stem the tide of displacement of vulnerable tenants and preserving affordable housing, and the Family of Loan Funds focused which invests in increasing the supply of affordable homes. The Housing Readiness Report is one of many tools PBF is developing to advance housing justice in the Bay Area; other tools include:

About Chan Zuckerberg Initiative
CZI was founded to help solve some of society’s toughest challenges – from eradicating disease and improving education, to addressing the needs of our local communities – to build a more inclusive, just, and healthy future for everyone. Across its focus areas – science, education, community and alongside its Justice & Opportunity Partners – CZI pairs technology with grantmaking, impact investing, and collaboration to help accelerate the pace of progress towards an equitable future. 

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Accelerating Transformative & Equitable Housing Solutions – Convening Recap

The COVID-19 pandemic has made it even more evident that many of our systems, especially those in housing, are broken. Despite years of public discussion about the affordable housing crisis, nothing brought the dire need to build a future where everyone has a stable and affordable place to live into starker relief than COVID-19. While increasing numbers of people lost income during the pandemic either due to illness or economic impacts, housing prices in the Bay Area continued to rise. The result has been devastating. We cannot wait any longer to bring new ideas into action to address the housing reality facing our region.

When we launched the Partnership for the Bay’s Future (PBF) three years ago, we were led by a deeply held belief that having a home is a matter of basic justice. And we knew that it takes innovation to build a future where everyone has a stable home and is free to pursue their dreams and build the lives they want to live. That’s why we manifested a new equitable approach to fighting the housing crisis – creating an organization that both had a Policy Fund to support the creation and implementation of equitable-centered policies to stem the tide of displacement; and a Family of Loan Funds to invest in preserving and producing affordable housing across the Bay Area. The idea was that it takes both to cause change and that each arm of the organization could inform and complement the other.

On March 3rd, we acknowledged three years of PBF by bringing together affordable housing practitioners, policy makers, and experts for a virtual convening on what has been working, what challenges we have faced, and how we can accelerate equitable housing solutions.  Anchored by a keynote address from Secretary Lourdes Castro Ramirez, we were joined by over 400 housing champions from across the region and state, all sharing a common passion of working to make sure everyone has a comfortable and affordable place to call home. It was clear that all present felt there was no time to waste. As Secretary Ramirez said, “The the moment requires us to be disruptors.”

Advancing Equitable Policies

Based in our belief that effective policy is the key to scaling and replicating what works, one of our founding ideas was for PBF’s Policy Fund to facilitate collaboration between local jurisdictions and trusted community organizations which would bring the voices of those often excluded from the policy process: renters, low-income residents, and people of color. The plan also included providing technical assistance and hiring housing fellows to serve as full-time government staff, adding capacity to advance housing policies and serve as a bridge to increase engagement between jurisdictions and their community partners. The idea was that by bringing together these three elements – community engagement, a government eager to pass equitable housing policies, and added capacity – it would inform more effective and equitable policies.

The Policy Fund’s pilot program launched at the outset of the pandemic in March 2020. This timing was a blessing in disguise as the Challenge Grants teams were positioned to provide critical support for jurisdictions as they mounted an initial response to COVID. The fellows we seated in jurisdictions strengthened those jurisdictions’ capacity to put emergency housing measures in place. The critical support that PBF provided to jurisdictions in their initial response to COVID with such policies as eviction moratoria and rental assistance protected 73,000 tenants from losing their homes.

Due to the increased capacity and community partnerships, many of the jurisdictions – most notably San Jose, Oakland and County of Alameda – implemented tenant protection policies such as eviction moratoria, expanding tenant protections, and bans on rental increases. Fellows in San Jose and Redwood City brought the expertise for developing anti-displacement policies, resulting in more inclusive proposals. And community partners like East Palo Alto Community Alliance and Neighborhood Development Organization were at the table to co-create policies to preserve mobile home parks with East Palo Alto City leaders in a more intentional way. We found that by involving trusted community partners at the beginning of the effort, the process was authentic, community involved, and equity centered. As a result of the Challenge Grants, 28 anti-displacement, tenant protection and housing preservation policies have been proposed by jurisdictions; and we expect 12 of those to pass in 2022, which are likely to impact 500,000 renters in the Bay Area.

This new model works. It has not only allowed jurisdictions to create more equitable policies but has provided them the structure to work together as a cohort to quickly learn, accelerating policy development and implementation efforts and to scale regionally. Equally important, we helped community organizations and members build lasting, trusting partnerships with government representatives and helped them understand how to effect policy change.

We are looking forward to applying our learnings to our next set of jurisdictions with our Breakthrough Grants, launching this June. Exciting policy ideas from the incoming fellows have already started pouring in, such as equity platforms, community-led equity committees, and a reparations framework. Oakland and San Francisco will be working on efforts to support emerging BIPOC developers, and we have jurisdictions planning to partner with faith-based organizations to convert underutilized land and to empower land trusts to acquire land.

As Senior Director of PBF (and VP of Policy and Innovation, San Francisco Foundation) Khanh Russo said, “Even with the challenges we have faced, we were not deterred. We are transforming systems and making sure that we build back better.”

Funding Preservation and Production

But policy work is only half the battle. The Partnership is proud to have produced or preserved over 3,000 units of affordable housing through our Family of Loan Funds. We also came up with a new way to evaluate this success. With $300M out the door and over 30 deals closed so far through the two funds that make up PBF’s $500M Family of Loan Funds— the Bay’s Future Fund and the Community Housing Fund — we knew it was time to assess our impact.

“Our ambition at Partnership for the Bay’s Future goes beyond number of units. Equity goals are our north star,” stated Cindy Wu, Executive Director of Local Initiatives Support Corporation (LISC) in the Bay Area, which manages the funds. “We wanted to assess not only the number of units secured, but how we were making progress towards our racial equity and economic inclusion goals. We therefore decided to develop a robust framework to hold ourselves accountable to the mission of the Partnership.”

We started by identifying the specific impact goals of the Partnership and then built a crosswalk between those goals and data that our lending partners had already collected from borrowers or that could reasonably be collected. We used that information to create indicators, then vetted them with the Partnership stakeholders. The resulting Equity Dashboard is now leading the Community Development Finance field. Using this dashboard, we also found PBF’s Family of Loan funds to be making strong progress including:

  • Half of the units financed via the Community Housing Fund (CHF) will be affordable to households earning below 30% AMI, and 90% of the housing we have financed through the Bay’s Future Fund will be permanently affordable to households earning between 51-80% of Area Median Income (AMI).
  • 95% of the tenants living in the homes preserved through the Bay’s Future Fund (BFF) investments identify as people of color.
  • 63% of the new construction units financed are expected to house non-white households once they ready to be occupied.
  • 38% of the leadership of organizations borrowing from PBF identify as people of color, a notable statistic in the real estate development industry which is dominated by white-owned and managed firms.

By pairing innovative investment with game-changing policies, PBF is reinventing the systems and policies that have put Bay Area housing beyond the reach of too many individuals and families. We are very much looking forward to continuing on this path, in partnership with the many community partners from whom we have learned so much.

Secretary Ramirez summed it up nicely by saying, “The pandemic exposed deep rooted housing inequities, especially for our most vulnerable communities. The pandemic, however, has also been the great accelerator – giving us the opportunity to work together in new ways towards both short- and long-term solutions.”

Watch the full convening

San Francisco Community Land Trust Ensures 285 Turk St Remains Affordable

The San Francisco Community Land Trust (SFCLT) recently acquired 285 Turk Street, preserving 40 units of affordable housing in San Francisco’s Tenderloin district. Before SFCLT’s purchase, the building was not under rent control, leaving tenants vulnerable to exploitation and displacement when the building went up for sale on the speculative market. The tenants, the majority of whom are POC and include many immigrant families, organized and asked SFCLT for help. With a $4.5MM loan from the Self Help Federal Credit Union and a $3MM loan from the Bay’s Future Fund one of the Partnership for the Bay’s Future’s (PBF) Family of Loan Funds SFCLT was able to secure the building in order to ensure that the building will remain affordable for decades to come. The longer-term goal is to support the tenants in forming a Limited Equity Housing Cooperative and then turn over to them control of operations and management of the property. The tenants will also be provided with a 99-year lease that will not only allow them total agency over their own housing, but ownership over real estate they can pass along to the next generation.

“This is exactly the kind of support PBF’s Family of Loan Funds was created to provide,” says Cindy Wu of Local Initiatives Support Corporation (LISC), which manages the funds. “Because banks – regulated depository institutions are limited as to the size of the loan they can make, there are certain deals that can’t move forward due to gaps in funding. PBF was happy to be able to take a second-lien position, help support these tenants, and make sure this preservation deal went through. This is a great example of what is possible.”

Read more about 285 Turk Street here and here.

PRESS RELEASE:
$5 Million in Grants to Support Affordable Housing Solutions

For Immediate Release: June 26, 2022
Contact: Jordan Shapiro, jshapiro@sff.org, 415.269.0172

Grants support innovative affordable housing solutions in the San Francisco Bay Area.

The Partnership for the Bay’s Future (PBF) is pleased to announce $5 million in grants focused on advancing equitable housing policies. The Policy Grants support eleven government entities in the Bay Area with over $500,000 each. The grants span June 2022 – May 2024 and will focus on developing and advancing policies that preserve and produce affordable housing.  

Each government entity will partner with one or more community organizations to ensure that the community voices who are often left out of the process are represented when developing local housing policies. A housing policy fellow is also embedded in each entity to provide expertise on community-driven policy and act as a catalyst to advance policy innovation.

Policy Grant Awardees

  • City of Antioch in partnership with Multi-Faith Action and Hope Solutions
  • Bay Area Housing Finance Authority (BAHFA) in partnership with Urban Habitat, Bay Area Community Land Trust, and Unity Council
  • City of Berkeley in partnership with Healthy Black Families
  • Contra Costa Housing Authority in partnership with Richmond Our Power Coalition, Community Housing Development Corporation, and Richmond LAND
  • City of East Palo Alto in partnership with East Palo Alto Community Alliance and Neighborhood Development Organization, Youth United for Community Action, Community Legal Services, and Preserving Affordable Housing Assets Longterm, Inc.
  • City of Mountain View in partnership with Silicon Valley at Home and Housing Trust Silicon Valley
  • City of Oakland in partnership with Richmond Neighborhood Housing Services
  • City of Richmond in partnership with Richmond LAND
  • City of San Francisco in partnership with Urban Land Institute
  • City of San Jose in partnership SOMOS Mayfair
  • City of South San Francisco in partnership with Housing Leadership Council

“It gives us great hope to invest in inspiring and innovative housing solutions coming from our local leaders,” said Aysha Pamukcu, Policy Grant Initiative Officer for the Partnership for the Bay’s Future. “When we started Partnership for the Bay’s Future in 2019, it was with the belief that everyone deserves a comfortable and affordable place to live, and it’s so encouraging to see that those with the power to make change share that belief.” 

The Policy Grantees’ policy proposals will address the disproportionate impact the lack of affordable homes has on households of color – 60% of Black households and 55% of Latino households face rent burdens (housing costs exceed 30% of income) in the Bay Area – through focusing on racial equity and economic inclusion. Proposals included equity platforms, community-led equity committees and a reparations framework. Several jurisdictions introduced home ownership opportunities through community land trusts, co-ops and Community or Tenant Opportunity to Purchase Acts (COPA/TOPA). Other visionary plans included supporting emerging BIPOC developers, leveraging unused faith-based organization land and enabling land trusts to acquire land. Find the full list of policy proposals here. 

Building on Success of Challenge Grants 

Launched in March 2020, PBF’s first program, the Challenge Grants, was the first of its kind in the Bay Area. These grantees and partners have proven that the policy process is more effective and inclusive through collaboration. One example is the City of Berkeley, which spent 18 months developing the Tenant Opportunity to Purchase Act, an anti-displacement policy that gives tenants options to buy the property they rent when it goes up for sale. Because they were also a part of the Partnership for the Bay’s Future, the Cities of San Jose, East Palo Alto and Oakland were all able to learn from Berkeley and design similar policies in four months or less and will be voting on these in the next few months. 

“When we were awarded a Challenge Grant, the fellow we received truly bolstered our capacity to address some of the root causes of the affordability crisis in Berkeley,” said Mayor Jesse Arreguín. “She provides critical support to our policy priorities and partnership with community organizations.” 

The Policy Grants is administered by the San Francisco Foundation, which also co-manages PBF along with Local Initiatives Support Corporation Bay Area (LISC). PBF is also partnering with Coro Northern California, which serves as the employer of record for the Breakthrough Grants Fellows, and Enterprise Community Partners, which serves as the housing content expert, technical assistance provider and network supporter.  

Applications for the Policy Grants Fellowship are now being accepted. Equity-minded, affordable housing policy experts are encouraged to apply for this two-year, full-time, salaried position. Coro Northern California is leading the search and accepting applications here. 

Keeping Low Wage Communities in Gentrifying Neighborhoods

Affordable housing developers are always looking for inventive, new ways to make more homes for extremely low to moderate income individuals and families available. Succeeding relies not only on getting creative when searching for the right housing stock, but also on finding a willing funding partner to push the limits of traditional financing to get the deal done. Fortunately for Oakland, such a developer and funder team recently partnered to accomplish a fairly unusual deal – the simultaneous purchase of three local buildings that became permanent affordable apartments in January 2020. And they are all located in desirable neighborhoods surrounding Lake Merritt. 

The East Bay Asian Local Development Corporation (EBALDC) is a local neighborhood Community Development Corporation (CDC) that is passionate about creating healthy, vibrant, and safe neighborhoods for diverse populations in the Bay Area. In their mission to create strong communities, EBALDC is always searching for ways to protect rental homes. 

“We typically focus on buildings with at least 20 units, so this was a bit different for us,” says Andy Madeira, Chief Executive Officer at EBALDC. “Two of the buildings were also in neighborhoods we’d never worked in before, but together, these buildings presented a real opportunity for us to make a dent in the affordable housing market. We had to try.” 

Purchasing multiple small buildings, however, translates into higher per unit acquisition and operating costs. And purchasing buildings in more affluent or gentrifying neighborhoods meant greater competition for the purchases. This deal was going to be challenging but creating affordable housing units in more affluent neighborhoods also presented a different kind of opportunity.  

“We are committed to helping everyone find safe, affordable housing as well as ample opportunities to live a fulfilling life,” says Madeira. “It’s exciting to provide affordable housing in communities where our tenants will have access to great amenities like well-funded schools, health care providers, employers, parks, and dining and shopping corridors.”  

To make all this happen, EBALDC had to act fast. They turned to the Local Initiatives Support Corporation (LISC), who manages funds for the Bay’s Future Fund (BFF), the investment arm of the Partnership for the Bay’s Future. LISC agreed that the BFF would put close to $1.2 million into the project. 

“Supporting EBALDC in this project was really important to us,” says Cindy Wu, Executive Director of LISC in the Bay Area. “EBALDC is much more than just an affordable housing developer, they are a strong neighborhood-based CDC and community anchor that cares and invests in low wage communities. We know they will be great stewards of this project and that through this, they will help demonstrate the viability of creative, community-based solutions.”  

EBALDC needed over $13 million to support the purchase. Getting nearly $1.2 million from the BFF at only 1% brought down the average total cost of the capital substantially, allowing EBALDC to cap rents at the affordable rates while still paying down their debt. In addition, because of the secured funding and partnership, EBALDC was able to proceed with critical and immediate repairs such as broken windows and remediation of extensive mold.

“Another great benefit of working with the Bay’s Future Fund was the efficiency with which we were able to make the deal,” says Madiera. “While other sources of capital involve a time consuming, multi-step bridge loan process, working with the BFF allowed us to move with the speed of the market in one transaction and provide a competitive offer.” 

In January of 2020, EBALDC purchased the properties. 

646 Foothill Boulevard is a three-story building in the rapidly gentrifying East Lake neighborhood. Sitting on a large lot, the property boasts 3 one-bedroom and 12 two-bedroom units, along with great outdoor space in a community of single-family homes. 

3465 Richmond Boulevardin the Adams Point Neighborhood, is surrounded by redwoods and consists of 12 two-bedroom units and a two-bedroom penthouse. 

The third property, at 430 Vernon Street, also in Adams Point, contains 12 two-bedroom units and includes tenant access to laundry, parking, and a beautiful, grassy garden adjacent to the property. 

Together, the buildings contain 40 homes, which EBALDC plans to restrict to tenants earning 60% of the Area Median Income or less. “Many of those living in the housing we support live paycheck to paycheck. If anything goes wrong, they can’t make their rent. COVID is the perfect case in point,” says Madiera. “During the pandemic, EBALDC has been working to connect our residents with not only rental assistance, but food, healthcare, and other necessities. We believe our job is to make sure that people stay housed even when things go wrong in their lives.”

Wu is excited by the even broader impact this deal stands to make. “While each project we fund is exciting, we also believe that through the example we are setting with the Partnership for the Bay’s Future’s investments, we model what is possible in affordable housing,” she says. “Encouraging other funders to replicate this work is the one crucial way to make the outsized impact necessary to tackle the affordable housing issue in the Bay Area.”

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