Bay Area Investment Connects Affordable Homes and Transit
A new $10 million investment will accelerate the development of affordable homes, fresh food outlets and facilities providing critical services, such as child care centers and health clinics, near public transit in the nine-county San Francisco Bay Area.
With its recent approval by the Metropolitan Transportation Commission (MTC), this investment is set to expand the Bay Area Transit-Oriented Affordable Housing (TOAH) Fund. The TOAH Fund leverages capital provided by MTC to attract the private sector investment needed to develop affordable homes and promote equitable and sustainable growth throughout the Bay Area. With the region’s affordable housing crisis showing no signs of abating, the TOAH Fund represents a powerful and proven solution to ensure that families will have access to homes that are both affordable and connected to public transit options.
Following the unanimous vote, Oakland Mayor and MTC Commissioner Libby Schaaf stated, “MTC’s commitment to expanding funding for TOAH will help Oakland leverage additional resources, such as the state’s Affordable Housing and Sustainable Communities Program, to help create affordable housing more quickly and support economic vitality along transit corridors.”
The dual burden of housing and transportation costs weighs heaviest on low-income families. Bay Area households earning $20,000 - $50,000 will spend more than 60 percent of their paycheck on housing and transportation, the highest in the nation.
Enterprise Community Loan Fund is committed to ensuring that all families have a home they can afford, with access to jobs, transit, a quality education and health care. Since 2011, Enterprise has worked alongside six leading community development financial institution partners to create and implement innovative capital and financing tools for all phases of the development process through the TOAH Fund. The financing provided through the TOAH Fund allows nonprofit and mission-oriented developers to acquire and hold properties along current and future transit lines, supporting equitable transit oriented-development.