Affordable Housing Fund Continues Bay Area Success
In early 2011, LIIF launched the $50 million Bay Area Transit-Oriented Affordable Housing (TOAH) Fund, a first-of-its-kind fund to provide financing for affordable housing and other vital community services near transit lines throughout the Bay Area.
Now in its second year, the TOAH Fund has approved and financed $16 million in projects, which will create 220 units of affordable housing. The fund expects to close an additional $15-$20 million next year and has a healthy pipeline of future deals on the horizon. The San Francisco Business Times recently highlighted the fund’s success in the Bay Area and its upcoming plans for expansion.
Brian Prater, LIIF’s Managing Director, Western Region, notes, “The program has experienced a spurt of interest from affordable housing developers in recent months now that local and state funding sources have dried up or gone away.” Due to the TOAH Fund’s success to date, the Bay Area Metropolitan Transit Commission (MTC), the agency that provided the original seed funding for the initiative, recently approved an additional $12 million to increase the availability of capital for the fund.Read the full article on the San Francisco Business Times
- Learn more about LIIF’s TOD Program
Source: San Francisco Business Times