Chan Zuckerberg Initiative joins Philanthropic and Community Partners to Discuss Innovative Solutions to Solving Bay Area's Housing Affordability Crisis

SAN FRANCISCO, April 4, 2024 /PRNewswire/ -- Partnership for the Bay's Future (PBF), one of the nation's largest private-sector housing funds focused on addressing the Bay Area's affordable housing crisis through innovative equity-centered solutions, is marking its fifth anniversary. Priscilla Chan, co-founder and co-CEO of the Chan Zuckerberg Initiative (CFI) joined San Francisco Foundation CEO Fred Blackwell at an event hosted by PBF last week to highlight the progress made in the first five years of the partnership, including the protection of over 73,000 tenants and financing over 4,400 homes for 11,000 people. Other regions are now looking to replicate this unique public-private partnership model that pairs non-traditional loan products with a strategy to build capacity and provide resources across governmental, nonprofit, and developer spheres.

Launched in 2019 around a shared commitment to increase housing affordability for all and build vibrant communities through racial equity and economic inclusion, PBF uses innovative financing and leverages the power of leaders in the field who approach the housing crisis from diverse perspectives. It brings a variety of voices into the effort ? from local governments, to non-profit and community advocacy partners and faith leaders.

"The housing crisis requires bold action on multiple fronts and it requires that all sectors come to the table to drive innovative solutions," said Fred Blackwell, CEO, San Francisco Foundation. "The housing crisis presents a complex challenge without simple solutions. Our journey underscores the importance of perseverance, showcasing numerous successes and equipping us with valuable insights for addressing future challenges."

Working with community groups uplifting the voices of renters, low-income residents, and people of color into conversation with governments at the local, regional, and state levels have directly impacted over 73,000 tenants and engaged more than 20,000 community members through transformative policies.

"Safe, stable, and affordable housing is crucial to a family's success and to building healthy and diverse communities," said Priscilla Chan, co-founder and co-CEO of the  Chan Zuckerberg Initiative. "Philanthropy is a relatively small player in a problem as challenging as housing, so we needed to get creative to design solutions that were flexible and additive to existing support for affordable housing. Five years in, we've surpassed our fundraising goal and deployed that capital to provide housing for thousands of bay area residents."

The Policy Fund is one of the innovative solutions created by the Partnership for the Bay's Future, providing resources and technical assistance to help local and regional governments create and successfully implement policies to enable more Bay Area residents to remain in their communities.  To ensure community voice remained at the forefront, local non profit organizations and government worked closely together providing for an inclusive policy process. To date, 36 policies have been proposed and 13 have passed including the City of Berkeley's Preference Policy and Antioch's Cottage Communities on Faith-Owned Land.

In addition, the Family of Loan funds supports the production and preservation of affordable homes in five Bay Area counties and has raised nearly $600 million, surpassing its goal.  The loan fund has facilitated over $404 million in investments, financing over 4,400 homes, with 90% of the units at 80% AMI and below and 50% of the units at or below 50% AMI. CZI provided the initial low cost, risk tolerant capital, incentivizing other funders to come onboard.

Managed by the Local Initiatives Support Corporation Bay Area (LISC), these funds are designed to address the lack of affordable homes?a reality that disproportionately impacts households of color?by bridging funding gaps throughout the region's rental housing market.

Unity Council CEO, Chris Iglesias and Silicon Valley Community Foundation CEO Nicole Taylor joined Priscilla Chan and Fred Blackwell on the panel 'Exploring the Power of Philanthropy in Equitable Housing' at the Partnership for the Bay's Future event commemorating five years at the Commonwealth Club in San Francisco with hundreds of housing champions. 

CZI's housing affordability program is working to improve housing affordability and access so people from all backgrounds and income levels can live, work, and thrive in California and beyond and was one of the early investors in Partnership for the Bay's Future contributing $50M to the fund. 

About the Chan Zuckerberg Initiative

The Chan Zuckerberg Initiative was founded in 2015 to help solve some of society's toughest challenges ? from eradicating disease and improving education, to addressing the needs of our communities. Through collaboration, providing resources and building technology, our mission is to help build a more inclusive, just and healthy future for everyone. For more information, please visit chanzuckerberg.com.

About Partnership for the Bay's Future

PBF addresses the Bay Area's affordable housing crisis through innovative and equity-centered solutions. Its Policy Grants and the Family of Loan Funds initiatives have catalyzed significant progress in tenant protection, affordable housing preservation and production, and empowering underrepresented communities in policymaking. Cross-sector collaboration among government leaders, community groups, housing developers, and philanthropic and private organizations is a central tenet of PBF's approach. For more information, visit baysfuture.org.

SOURCE Chan Zuckerberg Initiative