Fill the gap in affordable housing for educators, nurses, first responders, small business owners, and the many people who serve San Francisco
Our middle class and workforce population has been left behind. According to data from early 2020 from the San Francisco Mayor's Office of Housing:
- In 2019, San Francisco did not add one new unit at AMI 91%-150% AMI
- In 2019, less than 2% of all BMRs were for AMI 90-90%
- In 2019, over 85% of newly constructed BMR units were for AMI equal to or less than 50% of AMI
Our organization is run by individuals with deep experience and understanding of San Francisco non-profit work, development, public service, land entitlement, real estate financing, policy and construction. We leverage our collective experience and network to build working class housing in San Francisco.
Why is The Affordability Project Different?
501c3 Housing Developer that will not take public funding
- Less expensive to build housing
- Faster decision making and entitlement
- No red tape – operate like a for-profit company
- Projects will have positive cash flow to capitalize next development
- Mixed-income developments to improve value, financing and cash-flow
- Off-market first purchase with high-equity to be used as collateral for future projects
- Construction debt secured for 38M
How can The Affordability Project do this?
Created and operated by successful developers / builders
Investment from business and individuals
- High net worth individuals and other non-profits
- Technology companies
- Housing funds
- Large regional land partnerships
We will change regional housing supply
- Our 7-year plan will produce 10%+ of the needed work-force housing in the region
- No organization working without public financing
- Government cannot solve the problem
Our impact will ripple through the community
- Strongest communities have mixed-income demographics
- People should live where they work
We are developing important partnerships
- Housing fund
- Regional multi-organizational consortiums
Potential Institutional and Individual Investors
- We have made contact and are fostering relationships with 118 institutions that range from local companies, foundations with an interest in affordable housing, and banks.
- We have begun conversation with 80 individuals with capacity to give a gift or commit to a 3-year pledge of at least $150,000.
- In October we began making formal asks which total more than $14 million.
- Our end goal is to raise $30 million to create a stable foundation for the organization and achieve our development goals.
Key Regional Real Estate Partnership Possibilities
- We have formed partnerships with the San Francisco Interfaith Council and other individuals who are actively discerning how to re-develop 800 under-utilized congregational and personal properties to offer workforce housing.
Basic timeline for launch
October 2021-April 2022
Confirm initial investments in the organization with a goal of cash and pledges of $2.5M- $3M.
Progress: $24M out in asks, waiting for lead gift.
October 2021-April 2022
Completed four virtual community meetings and three in-person meetings
Have the 5250 3rd Street project to the planning commission.
Progress: Just received unanimous endorsement from the Hunters Point Community Advisory Committee.
June 2, 2022—Planning Commission Hearing Scheduled
June 2022-December 2022
Raise at least $6M and be positioned to start construction of 5250 3rd Street and find the next project.