In the ongoing battle to keep San Francisco residents comfortably housed without breaking the bank, the Bay Area Housing Finance Authority (BAHFA) is stepping up to the plate, shelling out a couple of loans to ensure the future affordability of 34 homes in San Francisco and San Jose. These community land trusts won't let their residents be priced out of their neighborhoods if BAHFA has something to say about it, and with state funds from the Regional Early Action Planning Grant Program, they do.
The Mission District in San Francisco is seeing $4.25 million go towards SFCLT's purchase of a property greatly in need of some TLC. The conditions were so bad that tenants at 320-324 14th St started a rent strike in 2022, then they hustled to make their cooperative housing dreams a reality, which thankfully caught SFCLT's attention, according to the Metropolitan Transportation Commission. The building's predominantly Latino/a/x/e residents should breathe a little easier, knowing that SFCLT aims to partner with them towards building ownership, according to Kyle Smeallie, SFCLT Policy Director.
Meanwhile, down in San Jose, a heartwarming example of collaboration is taking root in the Mayfair neighborhood where another community land trust, the South Bay Community Land Trust (SBCLT), took the reins of The Virginian Apartments with a $4.5 million BAHFA loan, cash support from the Sobrato Foundation and additional financial backing from the City of San Jose, among others. The support doesn't end there as MidPen Housing Corporation is offering advisory and technical advice to make the 18-unit complex an affordable dream, said Josefina Aguilar, SBCLT Executive Director, in an MTC report.
Looking ahead, BAHFA isn't resting on their laurels: they've pledged an additional $9.15 million in the first half of 2025 for organizations with a mission to keep housing costs down, and they’re launching a $325,000 grant program for technical assistance, to streamline the process of shifting market-rate housing to consistently affordable options.
