LIIF Selected to Manage Bay Area Transit-Oriented Development Fund
LIIF and five partner community development financial institutions (CDFIs) have been selected to launch the Bay Area Transit-Oriented Development Loan Fund (TOD Fund). LIIF will lead the capital raising and structuring efforts and manage the operations of the fund. This groundbreaking fund will be open to all affordable housing developers and focus exclusively on bringing the benefits of equitable transit-oriented development to low income communities.
The San Francisco Foundation, in partnership with Reconnecting America and the Nonprofit Housing Association of Northern California, provided the leadership to create the fund through the Great Communities Collaborative. The Metropolitan Transportation Commission has committed $10 million in seed funding, which LIIF and its partners will leverage with private capital to create a $40-60 million fund.
The CDFIs involved in the TOD Fund are LIIF, Corporation for Supportive Housing, Enterprise Community Loan Fund, Local Initiatives Support Corporation, Northern California Community Loan Fund and Opportunity Fund.