LIIF Joins New Financing Program to Preserve Affordable Housing in San Francisco
LIIF Joins San Francisco Small Sites Program
The Low Income Investment Fund (LIIF) is pleased to support the City of San Francisco’s new Small Sites Program (SSP), a unique effort to stabilize affordable housing for vulnerable low to moderate income residents. The program is part of a comprehensive effort to support San Francisco tenants at risk of losing their homes to market pressures, evictions and rising rents. LIIF joins several other SSP Preferred Lenders in working with the Mayor’s Office of Housing and Community Development (MOHCD) to provide acquisition and rehabilitation financing through the program. Launched as a pilot with an initial $3 million commitment from MOHCD, SSP will provide financing to developers to acquire and rehabilitate occupied multi-family rental buildings or mixed-used buildings with 5-25 units. The program will target properties with an average Area Median Income (AMI) of 80%.
Through SSP, LIIF, alongside our peers Enterprise, LISC, Northern California Community Loan Fund, Clearinghouse and Boston Private Bank & Trust Company, will provide senior loan capital to borrowers with the city providing subordinate financing. The program’s goal is to enable developers to compete for buildings in the city’s housing boom and preserve long-term affordability for residents. LIIF is proud to support MOHCD’s efforts to provide innovative tools to help all residents of San Francisco have access to stable, affordable housing.
To learn more about LIIF’s financing for affordable housing, visit our Capital for Affordable Housing page.
For more information, please contact:
- Cecile Chalifour, Director, California Region,
- Josh Burdick, Loan Officer,
- Learn more about LIIF’s Capital for Affordable Housing