We’re on a mission to change the way we finance new affordable housing.
The way we currently finance affordable housing drives up cost and time, leading to price tags of $800,000+ per unit and timelines that stretch from five years to over a decade.
We can change that by radically simplifying the goals:
deliver high-quality homes faster and for less.
For developers who can make good on our quality, cost, and time goals, a loan from the $50 million Bay Area Housing Innovation Fund will remove the financing uncertainty that drags down many feasible projects.
Bay Area Housing Innovation Fund Projects
1633 Valencia Street, San Francisco
$16 million Bay Area Housing Innovation Loan
Expected January 2026 (3 years) at $540,000 per home
Developed by Mercy Housing California (MHC), this project will add 145 new units of permanent supportive housing serving seniors age 55 and older experiencing or at imminent risk of homelessness. The six-story building replicates the efficient design of Mercy and HAF’s Tahanan community at 833 Bryant Street (delivered in partnership with Tipping Point Community). 1633 Valencia utilizes the cost and time efficiencies of a design-build construction process in lieu of modular design.
Harvey West Studios, Santa Cruz
$11 million Bay Area Housing Innovation Loan
Expected July 2026 (3 years) at $530,000 per home
Harvey West Studios will be the largest permanent supportive housing development in Santa Cruz County, adding 120 units. Housing Matters, a 35+year old non-profit organization serving the unhoused community in Santa Cruz County, will own and operate Harvey West Studios, with MidPen Housing serving as the turnkey developer.
More projects coming soon!
In the News
Bay Area fund aims to speed up housing construction
Bay Area Housing Innovation Fund Announces Support for Harvey West Studios Affordable Housing Project in Santa Cruz
The Fund’s second loan will finance 120 studio apartments for individuals experiencing homelessness [SANTA CRUZ, Calif., July 31, 2024] –…
This group says it solved the math on affordable housing. Can it get others to follow?
Mayor’s Press Conference
1633 Valencia Groundbreaking
Affordable housing project in Mission breaks ground, backed by $50M fund
MAYOR LONDON BREED CELEBRATES GROUNDBREAKING OF NEW SENIOR HOUSING DEVELOPMENT IN THE MISSION
Bay Area Housing Innovation Fund Founding Partners
