Kaiser Permanente, the David and Lucile Packard Foundation, and Facebook are among several businesses and foundations in the San Francisco Bay Area banding together to create an investment fund for a public-private housing project that promises to create more than 8,000 homes over the next five to 10 years.
The fund, called the Partnership for the Bay's Future, has secured $260 million so far, with a goal of $500 million. The aim is to preserve and expand affordable housing and to strengthen protections for low-income tenants. The initiative aims to address the Bay Area's housing crisis, due to limited affordable housing in the area. Just 5 percent of neighborhoods offer housing options two people making $15 per hour can afford.
Other businesses supporting the Partnership include the San Francisco Foundation, the Ford Foundation, the Chan Zuckerberg Initiative, Genentech, the William and Flora Hewlett Foundation, and the Silicon Valley Community Foundation. The fund will be managed by the Local Initiatives Support Corp., with help from housing experts from Capital Impact Partners and Corporation for Supportive Housing. Morgan Stanley provided capital, and the fund's first transaction is a revolving line of credit from the East Bay Asian Local Development Corp.
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