San Francisco (December 19, 2014) – The Community Vision (Community Vision), a community development lender headquartered in San Francisco, is pleased to support the City of San Francisco’s new Small Sites Program (SSP), a loan program designed to stabilize affordable housing for low to moderate income residents throughout San Francisco that are susceptible to losing their homes due to evictions or rising rents.
“We’re excited to support such an important effort,” said Mary A. Rogier, Community Vision President. “This is a critical time to help our most vulnerable residents retain affordable housing in neighborhoods throughout the City.”
Through this program, Community Vision will work as an SSP Preferred Lender along with Enterprise Community Loan Fund, Low Income Investment Fund, Local Initiatives Support Corporation, Clearinghouse CDFI, and Boston Private Bank & Trust Company. These community lenders will support the Mayor’s Office of Housing and Community Development (MOHCD) by providing acquisition and rehabilitation financing to developers to obtain and renovate tenant-occupied, multi-family rental buildings of 5-25 units for tenants with an average building Area Median Income of 80%. MOHCD has committed $3 million to the program with additional funding expected during the program’s first year.
Community Vision and the other SSP Preferred Lenders will provide senior loan capital to borrowers, with the city providing subordinate financing. The goal of the SSP program is to preserve long-term affordability for San Francisco residents by assisting affordable housing developers to compete successfully for buildings amid the city’s housing crisis.
Community Vision is proud to support the City of San Francisco’s efforts to ensure that residents avoid displacement and have access to permanent and stable affordable housing.
To learn more about Community Vision’s financing for affordable housing, please visit www.ncclf.org/lendingproducts.
For more information, please contact:
Ross Culverwell, Director of Lending