LIIF & Partners Provide Bay Area TOD Financing
LIIF is proud to announce the launch of the Bay Area Transit-Oriented Affordable Housing (TOAH) Fund. Developers can now access financing for affordable housing and vital community services near public transit hubs through the $50 million fund. The TOAH Fund is a key part of LIIF’s strategy to support equitable transit-oriented development (TOD).
LIIF is the fund manager and is providing the first loan from the fund to the Tenderloin Neighborhood Development Corp. for their Eddy &Taylor Family Housing project, a development that will include affordable housing and fresh foods retail in San Francisco.
Financing is available to nonprofit and for-profit developers for projects in the nine-county San Francisco Bay Area. Borrowers can access predevelopment, acquisition, construction and mini-permanent financing as well as leveraged loans for New Markets Tax Credit transactions.
The Metropolitan Transportation Commission provided an initial commitment of $10 million to support the TOAH Fund. These public funds catalyzed an additional $40 million in private capital from local community development financial institutions, banking institutions and local and national foundations. The TOAH Fund was also made possible through the leadership of the Great Communities Collaborative (GCC), a 24-member coalition of Bay Area nonprofits. The GCC’s working group, led by the San Francisco Foundation, the Non-Profit Housing Association of Northern California and Reconnecting America, was instrumental in the creation of the fund.
For more information, contact Brian Prater, Managing Director, Western Region, firstname.lastname@example.org.
- Citi Community Capital
- Ford Foundation
- Great Communities Collaborative
- Living Cities
- Metropolitan Transportation Commission
- Morgan Stanley
- San Francisco Foundation
- Silicon Valley Community Foundation
- Corporation for Supportive Housing
- Enterprise Community Loan Fund
- Bay Area Local Initiatives Support Corporation
- Northern California Community Loan Fund
- Opportunity Fund