On Tuesday, February 4, 2020, we celebrated the first anniversary of the Partnership for the Bay’s Future and shared the achievements of our first year.
Hear from CZI Director of Housing Affordability Caitlyn Fox
At the event we announced the recipients of the Partnership’s first-ever “Challenge Grants” to seven Bay Area local governments and non-profit partner organizations that are developing innovative housing policies. As part of the Challenge Grant award, each grantee jurisdiction has been matched with a mid-career fellow. The fellows will provide needed capacity and expertise to accelerate solutions, and grantees will have access to technical assistance and expert consultants to help them implement policy changes identified in the grant proposals.
“To us, this initiative signifies a commitment to building community power across the Bay, where the voices, the experiences, and the leadership of the people who are most affected by the lack of affordable housing and displacement can advance policy solutions. Solutions that they know will have tangible impact on their lives.”
—Camille Llanes-Fontanilla, Executive Director, SOMOS Mayfair
Challenge Grant Recipients
- Alameda County and Resources for Community Development
Policy project: proactive enforcement of older rental housing stock and funding a local Community Land Trust
- City of Berkeley and East Bay Community Law Center
Policy project: giving tenants the opportunity to purchase their homes and a local housing preference policy
- City of East Palo Alto and EPA CAN DO
Policy project: giving tenants and community groups the opportunity to purchase currently affordable housing and develop a Community Land Trust
- City of Oakland and the Bay Area for All Preservation Table
Policy project: racial equity impact analysis of existing housing programs and policy improvements based on this analysis
- City of Palo Alto and SV@Home
Policy project: renter protection ordinance updates, relocation assistance for renters who are displaced, and strengthening enforcement measures
- City of Redwood City and the Legal Aid Society of San Mateo County
Policy project: evaluating newly enacted renter protection measures and working to preserve affordability in multi-unit buildings
- City of San Jose and SOMOS Mayfair
Policy project: create a local preservation ordinance, assess community housing ownership models, and develop tenant preference policies for affordable housing
Hear from San Jose Housing Director Jacky Morales-Ferrand
Bay’s Future Fund
We were also proud to announce at the event that the Partnership’s investment arm, the Bay’s Future Fund, has commitments in place that will allow it to reach its three-year investment goal of $500 million in just one year. The Bay’s Future Fund has garnered commitments from a spectrum of investors and partners who have pledged resources, including Facebook, Morgan Stanley, CZI, First Republic Bank, San Francisco Foundation, Genentech, Silicon Valley Community Foundation and others. LISC, serving as fund manager, is partnering with Capital Impact Partners and the Corporation for Supportive Housing to co-invest additional resources.
Hear from LISC CEO Maurice A. Jones
To date, the Bay’s Future Fund has closed seven loans totaling nearly $30 million that will produce or preserve more than 800 units of housing, 97 percent of which are affordable to households earning less than 80 percent of Area Median Income, and providing shelter for more than 1800 individuals. These investments leverage an additional $100 million in funding from other sources. The transactions are supporting a range of housing strategies, including permanent supportive housing, co-living spaces, senior housing and housing that is affordable by design. Projects include new construction, renovation, and preservation.
Rev. Michael Smith of the McGee Avenue Baptist Church spoke about the investment his church received from the Bay’s Future Fund to turn a vacant property owned by the church into eight new affordable homes.
“When we color the need for affordable housing, don’t color it as black or brown. Color it with pain. It’s not enough until we all come to the table. We will continue to make a difference as long as we believe we can.”
—Rev. Michael Smith, Pastor, McGee Avenue Baptist Church