Getting sustainable and equitable development projects off the ground involves complex planning and large-scale coordination and financing. Following the economic downturn and the dissolution of California’s Redevelopment Agencies, the kind of patient capital needed for development is harder to access. Great Communities Collaborative catalyzes financial solutions to see project through to the finish line, with the ultimate goal of building economically and racially diverse, mixed-use, thriving communities near transit.
The Bay Area Transit Oriented Affordable Housing Fund
Recognizing the need for a financing mechanism for bricks and mortar projects, GCC began conceptualizing the Bay Area Transit Oriented Affordable Housing Fund (TOAH) in 2007. The TOAH fund launched in 2011 and is currently being re-designed to better address the current economic, fiscal and political environment. TOAH is a $50 million public-private financing resource that provides up-front funding for the development of affordable housing and other community services near transit lines throughout the nine-county San Francisco Bay Area. The TOAH Fund was made possible through $10 million in seed capital from the Metropolitan Transportation Commission (MTC), and in 2012, MTC furthered its support of TOAH with an additional $10 million. The Fund is managed by Low Income Investment Fund.
The Bay Area Preservation Pilot
GCC has partnered with Enterprise Community Partners and the Low-Income Investment Fund and Working Group to develop a preservation finance tool that will allow developers to acquire and hold properties with 10-year terms (versus short-term acquisition financing). GCC partners created a loan product, conducted modeling, and are designing the structure of the preservation finance tools. The goal is to have the tool completed and available to developers and land trusts in late 2018.