Thanks to a generous—and momentous—commitment of $150 million from Facebook, the innovative Bay’s Future Fund has nearly reached its $500 million goal in less than one year since its launch. Now, LISC will help put these dollars to work promoting affordable housing development in the San Francisco Bay Area.
Earlier this year, we were proud to announce our participation in Partnership for the Bay’s Future, a multi-sector collaboration of LISC, the Chan Zuckerberg Initiative, The San Francisco Foundation and other philanthropic, corporate and community partners, all dedicated to creating expedient solutions the Bay Area’s affordable housing crisis. Part of that effort is the Bay’s Future Fund, a $500 million pool of capital available to invest in affordable housing.
We are particularly delighted that Facebook has announced a $1 billion commitment to support the preservation and creation of affordable housing in the region, with $150 million slated for the Bay’s Future Fund, one of the nation’s largest affordable housing funds which LISC manages.
“We are thrilled to be part of the multi-sector team that is the Partnership for the Bay’s Future,” said Maurice A. Jones, LISC’s president and CEO. “Now, with the inclusion of this generous investment in the Bay’s Future Fund by Facebook, a global technology enterprise currently working with us to address housing challenges in East Palo Alto and Menlo Park, we have the opportunity to make an even bigger impact in the region.”
The Partnership for the Bay’s Future has brought together funders, local governments, advocates, and housing experts to implement practical fixes for the affordable housing crisis and get at the complex roots of the problem. The Partnership supports everything from renter protection policies to preservation and production of affordable housing in order to keep families in their homes and neighborhoods, reverse displacement trends, and create a more vibrant Bay Area.