Bay Area Housing Innovation Fund, spearheaded by Sobrato Philanthropies, Apple, Destination: Home, and the San Francisco Housing Accelerator Fund, is a $50 million initiative aimed at building affordable homes faster and more cost-effectively. This pilot fund aims to reduce typical development costs by 40% and support at least four projects, with nearly half the homes designated for extremely low-income and formerly homeless residents.
“Getting projects financed through the state has been creating both long delays and massive funding escalations. But through this new [Bay Area Housing Innovation Fund], we are excited to pilot an alternative financing model for affordable housing production, and demonstrate how it is possible to bring down both the cost and time of new deeply affordable housing development,” says Destination: Home CEO Jennifer Loving in The Real Deal. Read more: https://ow.ly/rxKX50SGk3L