Family of Loan Funds
Family of Loan Funds – Investing in Affordable Housing
The Partnership for the Bay’s Future family of loan funds supports the production and preservation of affordable homes in five Bay Area counties. Managed by the Local Initiatives Support Corporation Bay Area (LISC), these funds are designed to address the lack of affordable homes—a reality that disproportionately impacts households of color—by bridging funding gaps throughout the region’s rental housing market.
With a goal of investing at least $500 million by the end of 2025, the family of funds is focused on protecting the Bay Area’s most vulnerable residents and promoting the long-term economic success and racial diversity of the region.
Financing made possible by the Partnership for the Bay’s Future’s family of loan funds — one of the nation’s largest-ever private-sector housing funds — is estimated to preserve and produce 8,000 units, as well as indirectly contribute to the preservation and production of other units in Contra Costa, Alameda, San Mateo, Santa Clara and San Francisco counties.
The magnitude of the housing challenge facing the Bay Area — one that has only grown since the start of the COVID-19 pandemic in 2020 — demands a Partnership approach that is collaborative, responsive, and creative.
Read more about the Family of Loan Funds
Reports on How Affordable Housing Loan Funds Further Equity
Collaborative
- We seek input from others in the space to identify the best possible financing solutions.
- We also partner with developers of all experience levels in order to provide them the technical assistance they need to get their projects funded and to help advance new developers – many of whom are led by people of color.
Responsive
- We listen and we respond to a wide range of current housing needs.
- We solicit feedback from borrowers and partners and use this information to modify products so that we can consistently meet the needs of the constantly changing market.
Creative
- We demonstrate the viability of creative, community-based solutions that can fill the current gaps in affordable housing, be replicated, and scale within the Bay Area and beyond.
- We support projects that may require a higher touch or more creative financing solutions.
The Bay’s Future Fund consists of 5 products that support projects serving 0-150% AMI.
Terms offered include:
- Competitive interest rate determined by AMI, loan term, and originator. Typical range of 4–5%
- Up to $7.5M loan size
- LTV up to 90–150% for high impact projects
- Loan term must mature by 2030
The Community
Housing Fund
The Community Housing Fund supports projects with at least 20% of its tenants at 30% AMI or below; Santa Clara projects must meet Measure A AMI definition.
Terms offered include:
- 2% Interest rate
- Up to $15M loan size
- Up to 150% LTV
- Up to 18 year loan term (latest maturity 2038)
See the Community Housing Fund loan product
The family of funds began with an initial investment by the Chan Zuckerberg Initiative. Additional supporters of the funds include Genentech, LISC, Ford Foundation, Corporation for Supportive Housing, Capital Impact Partners, Morgan Stanley, Kaiser Permanente, San Francisco Foundation, JP Morgan Chase, First Republic Bank, Silicon Valley Community Foundation, Destination: Home, and Facebook.
