Bay Area TOD Affordable Housing (TOAH) Fund
The Great Communities Collaborative (GCC) in the San Francisco Bay Area has worked for years to maximize equitable TOD opportunities. GCC commissioned the Center for Transit-Oriented Development (CTOD) and the Bay Area Local Initiatives Support Corporation (LISC) to conduct an initial feasibility study for a fund that would be targeted to acquiring properties near quality transit for the purposes of building and preserving affordable housing, mixed-use development and other community amenities. This work helped convince the Metropolitan Transportation Commission (MTC), the MPO, to dedicate $10 million as top-loss funding as long as the fund managers could raise an additional $50 million from private sources. MTC’s ability to leverage non-governmental sources of funding was a key incentive that made the dedication of funds politically feasible with elected officials on the commission, and might not have been as successful if the GCC had not initiated efforts to study the feasibility of a fund. The fund is managed by a consortium of six community development finance institutions (CDFI's) led by the Low Income Investment Fund (LIIF) and comprised of the Enterprise Foundation, Local Initiatives Support Corporation, the Opportunity Fund, Northern California Community Loan Fund and the Corporation for Supportive Housing.