And nine days later, the Chan Zuckerberg Initiative (CZI), the Ford Foundation, the San Francisco Foundation and the Local Initiatives Support Corporation (LISC) introduced a large fund that focuses on developing and maintaining affordable housing. The partnership for the Bay & # 39; s Future aims to stabilize the housing of 175,000 families over the next five years through a combination of affordability measures: they want to finance non-profit organizations to buy buildings in the region to make them affordable. and helping locations to develop rental control and tenant protection measures. That work is already underway: one of the first steps of the partnership will be to extend a credit line to the East Bay Asian Local Development Corporation, a non-profit organization that will use the money to buy around six properties and to retain it as affordable housing. Thereafter, the partnership aims to contribute to the development or maintenance of at least 8,000 new affordable homes in the region. In total, the partnership will invest more than $ 500 million in the affordable housing effort.
Even this hefty investment – similar to a Microsoft just announced for the Seattle area – will fill a small corner of the Bay Area's housing crisis. From 2012 to 2016, the San Francisco metro area added 373,000 new jobs, but only 58,000 new housing units were built and this inequality was not resolved. The partnership is intended to help bridge the gap between the influx of people and the lack of housing, but it can not do it alone. "We need an approach from all sides to housing in the region," said Caitlyn Fox, Director of Justice and Opportunity of CZI, pointing to initiatives such as the Kaiser investment as an example of how different private housing efforts can work together.
Representatives from each of the four founding organizations have developed the partnership over the past two years, which includes a variety of local non-profit and business partners. They want the Partnership to be broad enough to cover the entire Bay Area, but specifically enough to meet the specific housing needs of each community.
To this end, the partnership for the Bay & # 39; s Future consists of three main components. First of all there is the "cooperation" itself. The partnership, which consists of a mix of stakeholders from the public and private sectors, but also from people from affected communities, will act as a kind of steering committee. The goal is to identify the need, where they can have the most impact, and what type of home intervention – whether it is new construction or affordable housing – will have the most effect. They follow the committee's recommendations to House the Bay Area, a group convened by the Bay Area Metropolitan Transportation Commission (the local government agency responsible for planning the transit for the region) to design a way out of the housing crisis .
The Investment Fund finances the projects for which the Partnership has been decided. CZI has placed $ 40 million with the fund, and they aim to make more investments from financial institutions such as Morgan Stanley and Capital Impact Partners to achieve $ 500 million in the next five years. LISC, a national non-profit organization that supports fair development, in particular development that benefits low-income communities, will manage the money. They identify affordable home developers and work with non-profit organizations interested in buying buildings to maintain reasonable rents, such as Kaiser helped a non-profit organization in Oakland. "What is really central to this fund is a strong commitment from community leaders, residents and local leaders to help inform the products we have in the fund, the transactions we can do through the fund," says Cynthia Wong, executive Director of Bay Area LISC. "We are well aware that everything per district, municipality per municipality, province per province really looks different, and we really try to be open to the community and the market."
Finally, the partnership will also manage a $ 40 million policy fund to manage the San Francisco Foundation, a philanthropy dedicated to supporting racial equality in the region. The policy fund will work on creating local mechanisms to prevent relocation and to facilitate paths to new housing. The partnership intends to use the fund to provide cities with technical assistance in the development of programs such as rent control or stronger legal representation systems for tenants. Communities and cities within the Bay Area can apply for grants through the Policy Fund to develop these programs. "We are really working to be responsive to the needs of the region," said Judith Bell, director of programs at the San Francisco Foundation, "and looking for connections that bring them to the regional scale will bring in terms of impact. "