First Republic Commits $100M for San Francisco Affordable Housing

San Francisco’s First Republic Bank has committed a $100 million credit facility to the San Francisco Housing Accelerator Fund, a pledge that could pave the way for the preservation and production of more than 2,000 units of affordable housing during the next five years.

It is the largest commitment to date for the public-private partnership established in 2017 as an independent non-profit working with the Mayor’s office and related civic and community housing entities. The First Republic commitment brings the organization’s total lending pool to $210 million, with $130 million already committed to funding 18 loans across the city for approximately 440 affordable housing units.

The program makes bridge funding more accessible to affordable housing groups competing with speculative or market-rate investors to acquire-and-maintain or develop affordable housing. Permanent funding from the City retires such loans at the end of a roughly two-year term.

For comments, questions or concerns, please contact Chris Egger