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While transit-oriented development (TOD) projects are being encouraged throughout the nation, limited financial resources are available to catalyze their development. The Transit-Oriented Affordable Housing Fund (TOAH Fund) is an innovative $50 million public-private financing resource that provides up-front funding to catalyze the development of affordable housing, valuable community services, and other neighborhood assets near transit lines throughout the San Francisco Bay Area.

The TOAH Fund was created by a collaboration of the Metropolitan Transportation Commission (MTC), its partner regional planning agency (ABAG), and a dedicated core of nonprofit organizations. MTC has been at the forefront of promoting TOD in the Bay Area, and it provided the initial $10 million in seed capital that serves as the first of five components in the capital stack. According to a Fund Sponsor, “Convening a diversity of players in the affordable housing community and having partners with a high level of trust, competency and a shared understanding of goals and the need to distribute investments regionally was critical in the Fund’s formation.” To date, the Fund has awarded financing to four projects: Eddy and Taylor Family Housing (San Francisco), 5th and Howard (San Francisco), Leigh Avenue Senior Apartments (San Jose), and West Grand Development (Oakland).

The TOAH Fund, with LISC, retained Seifel and ICF International to provide program evaluation and implementation consulting services for the TOAH Fund. Their analysis is available here.

More on the TOAH fund and its mission can be found here.