Celebrating our first year

On Tuesday, February 4, 2020, we celebrated the first anniversary of the Partnership for the Bay’s Future and shared the achievements of our first year.

Hear from CZI Director of Housing Affordability Caitlyn Fox

At the event we announced the recipients of the Partnership’s first-ever “Challenge Grants” to seven Bay Area local governments and non-profit partner organizations that are developing innovative housing policies. As part of the Challenge Grant award, each grantee jurisdiction has been matched with a mid-career fellow. The fellows will provide needed capacity and expertise to accelerate solutions, and grantees will have access to technical assistance and expert consultants to help them implement policy changes identified in the grant proposals.


“To us, this initiative signifies a commitment to building community power across the Bay, where the voices, the experiences, and the leadership of the people who are most affected by the lack of affordable housing and displacement can advance policy solutions. Solutions that they know will have tangible impact on their lives.”
—Camille Llanes-Fontanilla, Executive Director, SOMOS Mayfair

 


Challenge Grant Recipients

  • Alameda County and Resources for Community Development
    Policy project: proactive enforcement of older rental housing stock and funding a local Community Land Trust
  • City of Berkeley and East Bay Community Law Center
    Policy project: giving tenants the opportunity to purchase their homes and a local housing preference policy
  • City of East Palo Alto and EPA CAN DO
    Policy project: giving tenants and community groups the opportunity to purchase currently affordable housing and develop a Community Land Trust
  • City of Oakland and the Bay Area for All Preservation Table
    Policy project: racial equity impact analysis of existing housing programs and policy improvements based on this analysis
  • City of Palo Alto and SV@Home
    Policy project: renter protection ordinance updates, relocation assistance for renters who are displaced, and strengthening enforcement measures
  • City of Redwood City and the Legal Aid Society of San Mateo County
    Policy project: evaluating newly enacted renter protection measures and working to preserve affordability in multi-unit buildings
  • City of San Jose and SOMOS Mayfair
    Policy project: create a local preservation ordinance, assess community housing ownership models, and develop tenant preference policies for affordable housing
Hear from San Jose Housing Director Jacky Morales-Ferrand


Bay’s Future Fund

We were also proud to announce at the event that the Partnership’s investment arm, the Bay’s Future Fund, has commitments in place that will allow it to reach its three-year investment goal of $500 million in just one year. The Bay’s Future Fund has garnered commitments from a spectrum of investors and partners who have pledged resources, including Facebook, Morgan Stanley, CZI, First Republic Bank, San Francisco Foundation, Genentech, Silicon Valley Community Foundation and others. LISC, serving as fund manager, is partnering with Capital Impact Partners and the Corporation for Supportive Housing to co-invest additional resources.

Hear from LISC CEO Maurice A. Jones

To date, the Bay’s Future Fund has closed seven loans totaling nearly $30 million that will produce or preserve more than 800 units of housing, 97 percent of which are affordable to households earning less than 80 percent of Area Median Income, and providing shelter for more than 1800 individuals. These investments leverage an additional $100 million in funding from other sources. The transactions are supporting a range of housing strategies, including permanent supportive housing, co-living spaces, senior housing and housing that is affordable by design. Projects include new construction, renovation, and preservation.

Rev. Michael Smith of the McGee Avenue Baptist Church spoke about the investment his church received from the Bay’s Future Fund to turn a vacant property owned by the church into eight new affordable homes.


“When we color the need for affordable housing, don’t color it as black or brown. Color it with pain. It’s not enough until we all come to the table. We will continue to make a difference as long as we believe we can.”
—Rev. Michael Smith, Pastor, McGee Avenue Baptist Church

 

 


 

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Partnership for the Bay’s Future Marks One-Year Anniversary: Public-Private Partnership Exceeds Initial $500 Million Goal to Preserve, Produce, and Protect Affordable Housing

The Partnership for the Bay’s Future Awards First “Challenge Grants” to Seven Bay Area Cities & Counties Leading Innovative Housing Efforts and $30 Million in Loans to Developers Producing and Preserving Affordable Homes

REDWOOD CITY, CALIFORNIA, 11:30 a.m., February 4, 2020

Bay Area elected officials, community, faith, and business leaders, and philanthropic funders marked the first anniversary of the Partnership for the Bay’s Future by announcing  the recipients of the Partnership’s first-ever “Challenge Grants” to seven Bay Area local governments and nonprofit partner organizations that are developing innovative housing policies. The Partnership also announced commitments that will allow it to reach its $500M investment goal ahead of schedule and has already closed seven loans to entities building new affordable housing or preserving existing affordable homes.

The Partnership for the Bay’s Future is a unique cross-sector effort to tackle housing issues in the Bay Area with a dual-pronged approach: supporting policies that preserve and produce affordable housing and help protect renters through its Policy Fund, and directly investing in projects that will create more affordable homes for people of all backgrounds and races through its investment arm, the Bay’s Future Fund. The Partnership launched in 2019 with the ambitious goals of protecting 175,000 households over five years and preserving and producing more than 8,000 homes over the next decade in San Francisco, San Mateo, Santa Clara, Alameda, and Contra Costa counties.

“The housing crisis requires bold action on multiple fronts and it requires that all sectors come to the table to drive new solutions—the government, the private sector, philanthropies, advocates, and faith leaders,” said California Governor Gavin Newsom. “The Partnership for the Bay’s Future and its multi-sector public-private approach reflects that—and will help move our state forward on one of the biggest issues we face.”

“All Californians deserve a place they can call home, where they feel a sense of belonging in their community, and where they can build a better future for themselves and their families regardless of their race or zip code,” said San Francisco Foundation CEO Fred Blackwell. “The Partnership for the Bay’s Future enables Bay Area communities to help residents live in homes they can afford through its focus on local policy change and investment in building and preserving affordable homes, as well as protecting renters.”

Challenge Grant Recipients: Protecting Renters and Preserving Affordable Homes

The Partnership’s first group of Challenge Grant recipients were on hand for today’s anniversary event. The grantees are local government entities and community organizations working to advance policy solutions to protect renters and preserve existing affordable housing:

  • Alameda County and Resources for Community Development
  • City of Berkeley and East Bay Community Law Center
  • City of East Palo Alto and the East Palo Alto Community Alliance and Neighborhood Development Organization (EPA CAN DO)
  • City of Oakland and the Bay Area For All (BA4A) Preservation Table
  • City of Palo Alto and SV@Home
  • City of Redwood City and Legal Aid Society of San Mateo County
  • City of San Jose and SOMOS Mayfair

Proposed policies are an innovative collection of approaches to the region’s housing problems, including new systems to provide renters and communities with the right to purchase affordable homes before they are sold to outside investors, ensure county-wide protections for renters, and establish new approaches to building community wealth. As part of the Challenge Grant award, each grantee jurisdiction has been matched with a mid-career fellow. The fellows will provide needed capacity and expertise to accelerate solutions, and grantees will have access to technical assistance and expert consultants to help them implement policy changes identified in the grant proposals.

Investing in Affordable Homes

The Partnership’s Bay’s Future Fund has garnered commitments from a spectrum of investors and partners who have pledged resources, including Facebook, Morgan Stanley, CZI, First Republic Bank, San Francisco Foundation, Genentech, Silicon Valley Community Foundation, and others. LISC, serving as fund manager, is partnering with Capital Impact Partners and the Corporation for Supportive Housing to co-invest additional resources. As one of the nation’s largest affordable housing investment funds, the Bay’s Future Fund is designed to address the affordable housing crisis in the Bay Area with flexible, innovative financial products.

“Investors are connecting their capital to their values in order to make Bay Area housing more affordable and anchor economic opportunity throughout the region,” said LISC president and CEO Maurice A. Jones. “And, this is just the beginning. We have a robust pipeline of development projects, a committed lineup of local partners, and a diverse group of investors from health care, finance, technology, and philanthropy—all focused on ways to positively impact the housing outlook for families and to keep communities competitive.”

To date, the Bay’s Future Fund has closed seven loans totaling nearly $30 million that will produce or preserve more than 800 units of housing, providing shelter for 1800 individuals, 97 percent of which are affordable to households earning less than 80 percent of Area Median Income. These investments leverage an additional $100 million in funding from other sources. The transactions are supporting a range of housing strategies, including permanent supportive housing, co-living spaces, senior housing, and housing that is affordable by design. Projects include new construction, renovation, and preservation.

“The Partnership for the Bay’s Future is uniquely positioned not only to bring flexible capital to the table to substantially grow the number of  affordable homes in the region, but also to champion policies that will both increase housing and protect vulnerable renters,” said Chan Zuckerberg Initiative’s Director of Housing Affordability, Caitlyn Fox. “While we’ve made notable progress, the work has just begun. The future of the Bay Area depends on collaborative efforts to ensure that people of all backgrounds and income levels can live, work, and thrive here.”

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Partnership for the Bay’s Future

Launched in early 2019 after more than a year of conversations with community and faith leaders, housing experts, elected officials, nonprofit and for-profit developers, business leaders, and residents, the Partnership focuses on advancing a more inclusive and equitable future for our region by solving its interconnected challenges: housing, transportation, and economic opportunity. The Partnership’s affordable housing efforts center around two key funding components. The first is the Bay’s Future Fund, managed by Local Initiatives Support Corporation (LISC), one of the largest nonprofit community development financial institutions in the country. The fund was designed to address the funding gap that limits the ability of mission-aligned developers and other interested entities to obtain the capital necessary to create quality, affordable homes. Simultaneously, the Policy Fund, under the stewardship of the San Francisco Foundation, provides grants to Bay Area cities and counties, and their community partners, to enact local policies that protect renters and preserve and produce affordable housing.

The Partnership was founded with the initial support of the San Francisco Foundation, the Chan Zuckerberg Initiative, the Ford Foundation, Local Initiatives Support Corporation (LISC), Facebook, Genentech, Kaiser Permanente, the William and Flora Hewlett Foundation, the David and Lucile Packard Foundation, the Stupski Foundation and Silicon Valley Community Foundation.

Additional information about the Partnership for the Bay’s Future, including file photography for media use, can be found here.

Descarge aquí el comunicado de prensa en español.

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Request for Proposals: Learning & Evaluation

The San Francisco Foundation seeks a qualified consultant(s) and/or firm(s) to evaluate the Partnership for the Bay’s Future. Specifically, the Foundation seeks proposals to initiate a developmental evaluation of the Challenge Grants for Housing Protection and Preservation, a program initiated through the Partnership’s Policy Fund. Proposals should include (1) refinement of the Policy Fund’s learning questions, (2) support for rapid learning among Challenge Grant fellows and jurisdiction and the Partnership’s advisory committee and key stakeholders, and (3) the introduction, passage, and implementation of transformative policies that promote tenant protections and the preservation of affordable housing.

We seek partners who share our commitment to advancing racial equity within the region. Therefore, we ask that proposals indicate how racial equity and economic inclusion will be centered in the evaluation design, execution, analyses, and dissemination of learnings.

See the full RFP