01/24/2019

Bay Area Philanthropy, Business, and Community Advocates Unite

Launch Landmark Regional Housing Partnership

The Partnership for the Bay’s Future will protect tenant rights and promote one of the largest housing investment funds in the country.

Today, Bay Area community and faith leaders, housing advocates, business leaders, and philanthropists launched a regional public-private housing partnership that will build one of the country’s largest investment funds to address the regional affordable housing crisis.

The Partnership for the Bay’s Future aims to advance the region’s future by solving its interconnected challenges of housing, transportation, and economic opportunity. It is being launched with the support of the San Francisco Foundation, the Chan Zuckerberg Initiative, the  Ford Foundation, Local Initiatives Support Corporation (LISC), Facebook, Genentech, the  William and Flora Hewlett Foundation, the David and Lucile Packard Foundation, and Silicon  Valley Community Foundation.

This effort was developed through years of conversations with community and faith leaders, housing experts, elected officials, and residents. It will begin with two breakthrough funds—the Investment Fund and Policy Fund—to expand and protect the homes of up to 175,000 households over the next five years and preserve and produce more than 8,000 homes over the next five to 10 years in San Francisco, San Mateo, Santa Clara, Alameda, and Contra Costa counties.

“This is a defining moment for the Bay Area region. We cannot make meaningful progress toward equity and inclusive prosperity in the region without addressing the affordable housing crisis,” said Fred Blackwell, CEO of the San Francisco Foundation. “The Partnership, with its regional and multi-sector approach, is committed to bold solutions to solving the housing crisis and to championing equitable approaches to protection, preservation and production.”

The Investment Fund, poised to become one of the largest in the nation, will help to address the funding gap that limits the ability to preserve and produce affordable housing. This fund is managed by LISC—the largest nonprofit community development financial institution in the country—which has been investing in affordable housing, economic development, recreation and community space, and workforce programs in the Bay Area for nearly four decades. 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.

“This exciting partnership will help the Bay Area protect, preserve, and produce quality, affordable places to live for our teachers, nurses, first responders, and other hard-working individuals and their families,” says Maurice A. Jones, CEO of LISC. “We want to ensure that the region remains a socially and economically diverse place where growth and prosperity are broadly created and shared and people of all walks of life can work, raise a family, and thrive.”

The partnership has already secured initial funding of more than $260 million for an intended

$500 million Investment Fund and will continue to engage new partners and funders.

The Policy Fund will support initiatives to preserve and expand housing, with a strong focus on strengthening low-income tenant protections. The Policy Fund is led by the San Francisco Foundation and will be administered through two grant programs: Challenge Grants, which are larger awards to pursue ambitious, comprehensive protection and preservation solutions, and Breakthrough Grants to provide technical assistance to jurisdictions that have the potential to develop affordable housing at scale. At the time of launch, the Policy Fund has secured almost

$20 million for an intended $40 million for the fund.

“Making sure everyone has a decent, safe and affordable home is critically important for tackling inequality in the Bay Area and other regions across America,” said Xavier de Souza Briggs, Vice President of Inclusive Economies and Markets at the Ford Foundation. “If housing is to be a foundation of family life and a more equitable community—not to mention a platform for health, good schools, and gainful employment—then we must reckon now with affordability as an imperative and a super-smart investment.”

The Partnership is focusing first on affordable housing due to the lack of affordable housing that is limiting growth by driving middle- and low-income families out of the region. Today, 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.

“What has always made the Bay Area so special is its entrepreneurial spirit and its orientation towards progress and justice. Those same qualities can help us build collaborative, thoughtful, and new solutions to make housing affordable and accessible for all people who call the Bay Area home,” said Priscilla Chan, Co-Founder of the Chan Zuckerberg Initiative. “We are thrilled to be joining this diverse coalition of community and faith leaders, advocates, philanthropies, and businesses to support creative and impactful solutions to the housing crisis.”

Learn more about the Partnership at www.baysfuture.org.

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ABOUT US: PARTNERSHIP FOR THE BAY’S FUTURE

The Partnership for the Bay’s Future is a collaborative effort aimed at advancing our region’s future by solving its interconnected challenges—housing, transportation, and economic opportunity. Visit www.baysfuture.org.

“This is a defining moment for the Bay Area region. We cannot make meaningful progress toward equity and inclusive prosperity in the region without addressing the affordable housing crisis,” said Fred Blackwell, CEO of the San Francisco Foundation. “The Partnership, with its regional and multi-sector approach, is committed to bold solutions to solving the housing crisis and to championing equitable approaches to protection, preservation and production.”

Fred Blackwell, CEO, San Francisco Foundation

“What has always made the Bay Area so special is its entrepreneurial spirit and its  orientation towards progress and justice. Those same qualities can help us build collaborative, thoughtful, and new solutions to make housing affordable and accessible for all people who call the Bay Area home,” said Priscilla Chan, co-founder of the Chan Zuckerberg Initiative. “We are thrilled to be joining this diverse coalition of community and faith leaders, advocates, philanthropies, and businesses to support creative and impactful solutions to the housing crisis.”

Priscilla Chan, Co-founder, Chan Zuckerberg Initiative

“This exciting partnership will help the Bay Area protect, preserve, and produce quality, affordable places to live for our teachers, nurses, first responders, and other hard-working individuals and their families,” says Maurice A. Jones, CEO of LISC. “We want to ensure that the region remains a socially and economically diverse place where growth and prosperity are broadly created and shared and people of all walks of life can work, raise a family, and thrive.”

Maurice A. Jones, President and CEO, LISC

“Making sure everyone has a decent, safe and affordable home is critically important for tackling inequality in the Bay Area and other regions across America,” said Xavier de Souza Briggs, Vice President of Inclusive Economies and Markets at the Ford Foundation. “If housing is to be a foundation of family life and a more equitable community — not to mention a platform for health, good schools, and gainful employment — then we must reckon now with affordability as an imperative and a super-smart investment.”

– Xavier de Souza Briggs, Vice President of Inclusive Economies and Markets at the

Ford Foundation

“It will take bold policy initiatives to address this crisis and bring social mobility back for residents of the Bay Area,” said Elliot Schrage, vice president at Facebook. “Constructively confronting structural economic inequality is a hard challenge but Facebook is proud to stand alongside our neighbors to support the Partnership for the Bay’s Future. This new effort offers a truly multi-sector approach, bringing together all voices in our community to make the changes needed to help families and individuals thrive.”

– Elliot Schrage, Vice President, Facebook

“As one of the region’s largest employers, we understand that the availability of housing for all income levels is integral to sustaining a diverse, talented workforce, a robust economy, and a vibrant local community for all,” said Carla Boragno, vice president of Site Services at Genentech. “We’re proud to support this innovative partnership and help drive toward a future where people throughout the Bay Area can access quality, affordable housing.”

– Carla Boragno, Vice President of Site Services, Genentec

“The housing crisis is the most serious issue facing our region—one that is making every other challenge harder, particularly for low-income families and people of color,” said Larry Kramer, president of the William and Flora Hewlett Foundation. “This critical effort holds great promise for finding local and regional solutions. We feel privileged to be able to support the San Francisco Foundation as it partners with community leaders, nonprofits, businesses, governments, and foundations on this critical work.”

– Larry Kramer, President, Hewlett Foundation

“We are encouraged by the promise and partnership this new regional collaboration offers to continue developing affordable housing solutions in the Bay Area,” said Carol Larson, CEO of the David and Lucile Packard Foundation. “As a foundation that has supported Bay Area organizations for over five decades, we are acutely aware of how urgent the need for affordable housing has become – especially for the communities who need it the most.”

– Carol Larson, CEO of the David and Lucile Packard Foundation

“SVCF has a long record of supporting organizations, initiatives and policies that work to provide affordable housing options for Bay Area residents, and we are very proud to be a part of the Partnership for the Bay’s Future,” said Nicole Taylor, president and CEO of Silicon Valley Community Foundation. “This is a true cross-sector effort, and with public agencies, companies, community and philanthropic organizations working together, we can have a real impact on the housing challenges all Bay Area residents face.”

– Nicole Taylor, President and CEO, Silicon Valley Community Foundation

“We are honored to continue to partner with LISC, particularly as we work together on this innovative initiative that showcases how capital can have a sustainable, positive impact.”

– Mike Mantle, Managing Director, Head of Community Development Finance and President of Community Investments at Morgan Stanley

“The vibrancy of the Bay Area is due in large part to the rich history of families who built welcoming, multi-cultural neighborhoods. We are proud to be part of continuing that legacy by joining the Partnership for the Bay’s Future and working with the diverse coalition of foundations, local organizations, neighborhood associations, and municipal government representatives to build ground up solutions that help solve issues the region is facing,” said Ellis Carr, president and CEO of Capital Impact Partners. “By deploying a range of mission-driven financing, investments, and initiatives, we can work together to ensure equitable access to affordable, quality housing.”

– Ellis Carr, President and CEO, Capital Impact Partners

“What excites us about The Partnership for the Bay’s Future is the effort to make sure vulnerable people, often at the lowest end of the income scale, are included in this larger affordable housing initiative,” said Brigitt Jandreau, CSH Chief Lending Officer. “We also appreciate partners prioritizing how best to interconnect housing and vital services. These linkages are the mainstay of supportive housing and the discussions now taking place are a critical first step toward effectively integrating affordable places to live with other services and sectors to address societal challenges and build stronger, healthier communities. The Partnership is expanding on previous efforts by promoting collaboration in the wider region, and providing the direction, action and added investment to help get it done.”

– Brigitt Jandreau, Chief Lending Officer, Corporation for Supportive Housing

“With so many of our neighbors sleeping on the streets and thousands more on the brink of homelessness, the dire need for more support has never been clearer. The Partnership for the Bay’s Future will be valuable resource in spurring development for a broad range of affordable housing options, including homes for those who need our help the most.  While we must continue to push harder to meet the needs of the most vulnerable, this new effort represents the type of creativity and innovation that will be necessary as we continue to work on our region’s housing crisis together.

– Jennifer Loving, CEO, Destination: Home

“Chinatown CDC has valued our longtime partnership with LISC for decades. We applaud them for recognizing the importance of San Francisco’s low-income neighborhoods and the power of community development. The Partnership for the Bay’s Future will invest much needed resources into our neighborhoods and help protect our seniors, immigrants, and low-income communities from being displaced.”

– Norman Fong, Executive Director,  Chinatown Community Development Center

“This is an all-hands-on-deck moment in the Bay Area – if we come together boldly while recognizing our shared responsibility, we can help ensure everyone has an affordable home. I’m confident that this partnership will advance housing solutions while keeping racial and social equity at the forefront to preserve the diversity and advance the prosperity of our communities.”

– Gloria Bruce, Executive Director, East Bay Housing Organizations

“Addressing the complex challenges of homelessness and the Bay Area’s affordable housing crisis require an ecosystem of people, organizations and tools. What the San Francisco Foundation, LISC and CZI have put together constitutes a key new mechanism through which community-organizations can create homes that will be affordable to people with low incomes in perpetuity.”

– Don Falk, Chief Executive Officer, Tenderloin Neighborhood Development Corporation

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