Community Vision has closed a $4.46 Million loan on behalf of the Bay Area Transit Oriented Affordable Housing Fund (TOAH) to help finance San Francisco’s first and the country’s largest affordable housing specifically welcoming to lesbian, gay, bisexual and transgender (LGBT) seniors. Community Vision is one of six Community Development Finance Institutions (CDFIs) in the Fund, and provided $758,000 towards the loan. An additional $6.1 Million in financing is provided by the San Francisco Housing Trust Fund for the project.
Called “55 Laguna,” the senior housing community, being developed by Openhouse and Mercy Housing California, will provide 110 apartments for low-income seniors, as well as Openhouse service offices and an activity center for residents and LGBT seniors. Openhouse provides housing, direct services and community programs to LGBT seniors throughout the Bay Area. Mercy Housing California is a recognized leader in providing affordable housing for low-income families, seniors and people with special needs, including formerly homeless, people with disabilities and people living with HIV/AIDS.
55 Laguna will help address unmet housing and service needs of low-income LGBT seniors. The project is part of a larger development of the 5.8-acre former University of California Extension site, located at 55 Laguna Street in the Hayes Valley neighborhood between the historically LGBT Castro neighborhood and City Hall.
TOAH is a public-private consortium of foundations, banks, CDFIs and the Metropolitan Transportation Commission that provides financing to help preserve and develop affordable housing and other community services near transit lines throughout the Bay Area. Community Vision is proud to be a member of TOAH in this partnership with the City of San Francisco to bring affordable housing to San Francisco’s LGBT seniors.