San Diego Foundation Launches $100M Affordable Housing Partnership
USA: San Diego Foundation has announced a USD 100 million financing partnership with Bear Creek Fund Advisors to provide construction financing for affordable housing projects in San Diego. The announcement coincided with the groundbreaking of Louisiana Street, a 38-home development in North Park. The project is the first of four developments expected to deliver a combined 257 affordable homes across North Park and Normal Heights. All 38 studio apartments at Louisiana Street will remain affordable over the long term for households earning up to 80% of the area median income. The development involves San Diego Foundation, Bear Creek Fund Advisors and Naturally Affordable Housing, alongside city initiatives supporting affordable housing development.
The partnership is intended to provide an alternative source of construction financing for qualifying projects, which can otherwise face lengthy and competitive funding processes. Under the arrangement, Bear Creek Fund Advisors will provide construction financing for affordable housing projects in San Diego. Mark Stuart, president and CEO of San Diego Foundation, said: “Addressing San Diego’s housing needs requires bringing together partners with different strengths and using every tool available. This partnership puts that approach into action, combining investment, innovative financing and local expertise to help move more affordable homes from plans to construction.” Jonathan Stern, Partner at Bear Creek Asset Management, said: “This project is a great example of what an effective public-private partnership can accomplish. By bringing together the resources and capabilities of city government, local developers, nonprofit organizations, and private capital, this team created a flexible financing structure tailored to the unique elements of the project.”
Source: San Diego Foundation
