SAN FRANCISCO–(BUSINESS WIRE)–The San Francisco Housing Accelerator Fund (SFHAF) announced today a $100 million commitment from First Republic Bank (NYSE:FRC) in the form of a revolving credit facility to support the preservation of affordable housing in San Francisco through SFHAF’s anti-displacement lending program.
A public-private partnership, SFHAF provides flexible loans to nonprofit community partners so they can compete with market-rate development corporations to purchase buildings for low-income residents vulnerable to displacement. With financial assistance from SFHAF, the nonprofits buy the buildings, complete extensive repair work, and operate them as permanently affordable housing.
First Republic’s investment brings SFHAF’s total lending pool to $210 million. Of that amount, SFHAF has already committed more than $130 million to its nonprofit development partners, including Mission Economic Development Agency (MEDA), Chinatown Community Development Center (CCDC) Tenderloin Neighborhood Development Corporation (TNDC), San Francisco Housing Development Corporation (SFHDC), and BRIDGE Housing.
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