MTC: MTC Pledges $10 Million for New Fund to Preserve Affordable Housing

The Metropolitan Transportation Commission (MTC) today committed $10 million to establish a new revolving loan fund known as the Bay Area Preservation Pilot Fund to help nonprofit developers finance the acquisition and preservation of existing multifamily housing properties that are located in areas with high-frequency transit service and are considered affordable for lower- and moderate-income renters.  The Commission’s stake will be supplemented by an additional $39 million from Preservation Pilot managers Enterprise Community Loan Fund (ECLF) and Low Income Investment Fund (LIIF) to make a total of $49 million available for new loans. “It’s no secret that the Bay Area’s housing supply hasn’t kept pace with the region’s employment growth,” noted Oakland mayor and MTC Commissioner Libby Schaaf, who played a lead role in organizing the Preservation Pilot initiative.