Catalyst Fund
Diversity is at the core of the Bay Area’s essence. LISC Bay Area protects that legacy by ensuring that people can afford to live here, stay here, and thrive here. In partnership with the Catalyst Housing Fund, we are ensuring that more long-term residents are able to acquire and maintain affordable housing in the vicinity of Meta’s Menlo Park campus.
Program Snapshot:
- Service Provided: Funding and administrative support to develop affordable housing within a fifteen-mile radius of Meta’s Menlo Park campus
- Target Clients: Nonprofit housing developers, mission-aligned for-profit developers, and partnered service providers
- Service Partners: Facebook, the City of East Palo Alto, the City of Menlo Park, and Envision Transform Build (ETB)
Background
The Catalyst Housing Fund provides financing for affordable housing developments within a fifteen-mile radius of Meta’s Menlo Park campus (approximately between the San Francisco and San Jose Airports). Projects are defined by local community groups in collaboration with the City of East Palo Alto. We work together to ensure that no displacement occurs and that there is no net-loss of units occupied by lower-income households or units that are subject to rent control or affordability deed restrictions. The program prioritizes family housing; at least 60% of the units financed by the Catalyst Housing Fund must be affordable for low income individuals and families, of which 30% must be affordable for extremely low income and 30% for very low income.
LISC Bay Area’s Role in the Fund
LISC Bay Area serves as Catalyst Housing Fund’s administrator which involves loan underwriting, fund disbursement, fund management, and asset management. We also identify and bring eligible projects to the Fund.
Fund Project Parameters
- $17M total available contribution into the Catalyst Housing Fund
- $9M+ initial contribution set aside for projects in East Palo Alto
- $75M LISC Leverage Goal
Progress to Date
- 8 deals closed
- $12.075M invested of $17M in funds available
- 775 units produced or preserved
Learn More about the Catalyst Fund
