Two full-time workers making $15 per hour, around $62,000 per year, can only afford to live in 5 percent of the region’s neighborhoods.
Unless we act now—and act boldly—we put continued economic growth at risk and intensify displacement and instability.
The Partnership for the Bay’s Future is where solution-minded stakeholders can come together to develop lasting answers to long-term problems. Through two separate funds, the Partnership focuses on both policy, such as tenants’ rights, and investments in housing development, to tackle the issue holistically in a way that hasn’t been done before—and at an unprecedented scale.
The Bay’s Future Fund is designed to be nimble―so that it can address a wide range of current housing needs and evolve as the market changes. The fund will invest in everything from preserving existing affordable homes to building more housing for people who are struggling to keep up with high housing costs. It will also help middle-income workers with housing costs, while accelerating the process of getting people experiencing homelessness into homes.
The flexibility of this capital will allow the Partnership to operate outside traditional system constraints and offer new financing products not currently available. The fund will also demonstrate the viability of creative, community-based solutions that can be shared, replicated, and scaled within the Bay Area and beyond.
The Bay’s Future Fund is managed by the Local Initiatives Support Corporation (LISC), the largest nonprofit community development financial institution in the country. LISC has reinforced community organizations and leaders in the Bay Area for 38 years, investing more than $741 million for affordable housing, business development, recreation and community space and workforce programs. LISC is also partnering with national affordable housing experts Capital Impact Partners and the Corporation for Supportive Housing to originate investments out of the Fund. Morgan Stanley is also providing capital for the Fund.
The Bay’s Future 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.
Bold policy change is needed to address our housing shortage and housing affordability challenges in a way that will benefit residents across the income spectrum and improve the economic vitality of the region.
As a regional collaboration, the Partnership for the Bay’s Future will enable San Francisco, San Mateo, Santa Clara, Alameda, and Contra Costa counties—as well as the nearly 80 cities and towns they contain—to share ideas and develop cohesive policies that protect families and individuals burdened by high rents and preserve and produce affordable housing.
The Policy Fund works with community groups to help them bring the voices of renters, low-income residents, and people of color into the conversation with governments at the local, regional, state, and federal levels. The Policy Fund also provides resources and technical assistance to help local and regional governments create and successfully implement policies that enable more Bay Area residents to remain in their communities. The Policy Fund is guided by a diverse Advisory Board, which includes investors from the philanthropic and corporate sectors, public sector and policy experts, as well as community leaders.
The Policy Fund is led by the San Francisco Foundation and administered through two grant programs:
Challenge Grants for Protection and Preservation: These grants focus on protecting renters and preserving existing affordable housing. The Challenge Grant program provides additional capacity and expertise to grantee local governments. They each receive a mid-career housing policy fellow, support for their community partners to engage the local community in the policy process, and access to tailored technical assistance from expert consultants. For our first round of challenge grants for housing protection and preservation, grantees are working on policies to protect low-income renters and maintain affordability of existing homes.
Each Challenge Grant was awarded to a local government (city or county) and a community organization. The seven grants were awarded to:
Learn more about the Challenge Grants:
Breakthrough Grants for Production and Preservation: Jurisdictions that have the potential to develop affordable housing at scale will be awarded grants and technical assistance, and convened to collaborate and learn together on shared challenges. Breakthrough grants will be offered in 2021.