The article below was originally published and shared by the Partnership for the Bay's Future Newsletter dated March 14, 2022
It's been a little over a week since our convening on accelerating housing solutions, and we're so grateful to those of you who could join us. In case you missed it, we previewed two reports on the lessons we've learned about funding affordable housing over the last three years. Today, we are so excited to release these reports. In the last three years, the Partnership for the Bay’s Future was launched in January 2019 as a regional, multi-sector initiative to address the affordable housing crisis through coordinated investments in both policy and housing development.
As the fund manager, LISC leveraged a $40M seed contribution from the Chan Zuckerberg Initiative (CZI) to:
Close $500Min investments from corporate and philanthropic impact investors including CZI, LISC, Genentech, Destination Home, David and Lucille Packard Foundation, First Republic Bank, Ford Foundation, JPMorgan Chase, Kaiser Permanente, Meta (formerly Facebook), Morgan Stanley, San Francisco Foundation, and Silicon Valley Community Foundation; and
Deploy nearly $300 million to support the new construction or preservation of 3,200 units of affordable housing with our lending partners Corporation for Supportive Housing, National Equity Fund, and Capital Impact Partners.
During these three years we also: met with community members, listened to what they had to say, and adjusted accordingly; made tough decisions about funding products that weren’t working and changed what needed to be changed; regularly worked to center and recenter our decisions based on what communities of color were facing; and continually searched for new ideas while embracing new players in the affordable housing space. Now, it is time to take stock of what we have accomplished so far, what we have learned, and how best to build on our momentum. To this end, we have designed two reports:
Advancing Economic and Racial Equity with the Family of Funds, highlighting impact data we collected on the 31 deals we closed so far. This report includes a look into a new, innovative framework and methodology we developed for Equity Impact Indicators that is leading the CDFI field.
Lessons Learned: How affordable housing loan funds further equity, where we explore what it took to get this far, outline several case studies that illustrate what is possible, and suggest crucial next steps.
At the Partnership for the Bay's Future, we’ve always known we can’t meet the tremendous demand the Bay Area is facing with this Family of Loan Funds alone. We therefore strive to make catalytic change by helping projects that could serve as an example of what is possible when you embrace new voices, new ideas, and change. We hope these reports help serve this purpose.
~ Originally posted by the Partnership for the Bay's Future Newsletter