The San Francisco Foundation’s Bay Area Community Impact Fund recently made a $2.5 million loan to Freedom West Homes to help revitalize four city blocks in San Francisco’s Fillmore / Western Addition district. Our loan will help preserve 382 cooperatively owned, affordable homes, produce 133 new affordable rental homes, develop 20k square feet of commercial space, and revitalize the area with community-serving indoor and outdoor spaces.
The vast majority of FWH’s approximately 1,000 residents are Black or Asian and three quarters of FWH’s households earn less than 60% of the area median income (AMI). That means under ~$62k for an individual or under ~$89k for a family of four. This project promotes equitable development without displacing FWH’s long-time residents.
The new housing units will remain permanently affordable, and resident shareholders will continue to build wealth through the co-op ownership structure. The project seeks to address the displacement caused by the City’s urban renewal efforts half a century ago.
Guided by the principles of “rebuild, empower, and involve,” the project has gained strong support from the cooperative, the surrounding community, and the City of San Francisco. Beyond housing, Freedom West Homes generates significant community benefits by creating 13,000 construction and 830 job-years at full build-out.
Learn More:
- Read more about Bay Area Community Impact Fund
- Read more about Freedom West
