Partnership for the Bay’s Future

Description: This organization has two affordable housing funds. The Bay’s Future Fund (BFF) serves five counties in the Bay Area (San Francisco, Alameda, Contra Costa, San Mateo and Santa Clara), and it invests in affordable housing through a variety of loan structures, from pre-development through mini-permanent financing. Underwriting is flexible to help create a structure that best fits the project’s needs. The terms offered include competitive interest rates determined by AMI, loan term and originator (typically between 4% and 5%); $3 million-$7.5 million loan sizes; loan-to-value (LTV) ratio up to 90%-150% for high impact projects; and loan term maturity by 2030. The fund is connected to the Partnership for the Bay’s Future that affiliates with the LISC, the Corporation for Supportive Housing, and Capital Impact Partners to continue the project. The BFF invests in affordable housing serving a range of incomes from 0% to 120% of the AMI.

The second fund, the Community Housing Fund, provides low-cost financing for affordable housing projects and supportive housing projects built for extremely low-income individuals and families. Projects are funded and financed on a first-come, first-served basis until the funds are fully allocated. Terms offered include a 2% interest rate, up to $15 million loan size, up to 150% LTV, and up to an 18-year loan term with its latest maturity in 2038. The fund supports a variety of loans from predevelopment through permanent financing and has flexible underwriting to help create a structure that best fits each project’s needs.

Resources: https://baysfuture.org/family-of-loan-funds;
https://baysfuture.org/wp-content/uploads/2021/03/BFF-1-Pager_FIN-1-3-10-21-PBF-Website.pdf;
https://baysfuture.org/wp-content/uploads/2020/12/CHF-1-Pager_FIN.pdf

Contact: Andrea Morgan, andrea.morgan@csh.org