Earlier this year, The San Francisco Foundation, together with our donors, provided an $875,000 Program-Related Investment to the East Bay Asian Local Development Corporation (EBALDC). This loan supports the Housing Acquisition Fund. EBALDC immediately used our funds to purchase a multi-unit building at 2510 10th Avenue, in the Eastlake neighborhood of Oakland. We are delighted to report that 35 units have now been secured as permanently affordable housing. 46 residents are now protected from displacement.
This recently purchased building is very close to the site of the new proposed Oakland A’s stadium. In September, the A’s announced plans to build a new stadium near Laney College. If all goes to plan, the stadium could open for play in 2023. With this development, EBALDC recognizes that now more than ever, preserving the affordability of existing housing in this neighborhood is paramount.
In addition to the loan, two donor advised fund donors made grants to EBALDC to help them launch and run the Housing Acquisition Fund (HAF). Grants and Program Related Investments (PRIs) work hand in hand, and we greatly appreciate these investments.
The HAF targets small apartment building at risk of conversion to higher rents and threatening the displacement of residents earning low and moderate incomes. To quickly acquire, rehab and permanently preserve naturally-occurring affordable housing, the HAF focuses on small apartment buildings with at least 20 units. Once rehabbed, and as units become vacant, occupancy will be restricted to families earning less than or equal to 80% Area Median Income.
We are grateful for our PRI donors in helping the foundation secure this important and timely investment. Learn more about our Program Related Investment Fund and our current portfolio of loans at sff.org/pri