Meta, partner of the Bay's Future Fund, releases Housing Initiative Impact Report
- Mar 30, 2023
- 2 min read
Updated: Apr 28, 2023
Meta, partner of LISC's Partnership for the Bay's Future - Family of Funds, published the Meta Housing Initiative Impact Report in February 2023. The Meta Housing Initiative is a 10-year housing legacy project with a $1 billion commitment to address the housing issues that Californians face every day.
The report details numerous projects successfully created, as well as outlines a 5-year and 10-year plan for the Initiative. Meta's plan to address the California housing crisis engages in three core pillars:
Investments
Policy Reform and Implementation
Civic Infrastructure
The Bay's Future Fund - Family of Funds includes the Community Housing Fund (CHF), tackle the first pillar - investments in affordable housing, as one of the key steps is to fill the large demand gap for housing in California.
Launched in December 2020, the CHF is a $150M loan fund managed by LISC Fund Management, LLC, investing in Bay Area County housing developments that set aside at least 20% of their units for extremely low -income (ELI) families—households making up to 30% of the area median income (AMI) The CHF is managed by LISC Fund Management, LLC in partnership with the LISC Bay Area local office.
One of the CHF's investments' Coliseum Place II is a new construction multi-family and special needs project providing 59 new apartment homes directly adjacent to the Coliseum BART Station. This transit- rich neighborhood is an ideal location to provide housing for low-income families with children and formerly homeless households, earning between 20% and 50% of the Area Median Income. 37 apartment units have Project-Based
Section 8 rental assistance from the Oakland Housing Authority, of which 25 are available through this leasing process; for these apartments, tenants pay 30% of income towards rent.
Read the Meta Housing Initiative Impact Report 2022 here.
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