Across communities and around the globe, this time of year is full of traditions of lights – illuminating our homes and communities. Whether done with candles or on electric strings, subtle or bold, these are an exquisite and warm way to brighten our evenings.
Now, more than ever, these lights remind us to make space for communal care and to share our light with one another. We’re proud of what we’ve accomplished this year in Northern California, in partnership with all of you, and our collective work sparks hope for what is to come in 2024.
This fall, we welcomed Enterprise’s new CEO and President, and former Obama Cabinet Secretary for Housing and Urban Development, Shaun Donovan. We are thrilled to welcome Shaun to Enterprise and are already busy working together to advance his bold vision for Enterprise’s next chapter.
Here in our Northern California Market, these 2023 accomplishments give us hope for a brighter future.
Our climate team supported 16 cross-sector applicants to secure $580 million in Affordable Housing and Sustainable Communities funding for integrated affordable home and transportation investments to reduce greenhouse gas emissions across California. The team also supported capacity building and application development for the state’s Transformative Climate Communities program. We also convened a Development Advisory Group for the state’s Electric Program Investment Charge program to explore replicability and scalability it has to proliferate low-emission, mixed-use developments.
Our Central Valley team launched the first of its kind Regional Affordable Housing Pipeline Analysis for the Central Valley with an overview of financing needs for affordable projects. Furthermore, the team facilitated the inaugural round of the Stockton Housing Innovation Fund in partnership with the San Joaquin Community Foundation. Senior Program Director Kristine Williams was also selected to serve on the inaugural California Transportation Commission’s Equity Advisory Committee.
Our regional housing initiatives team is laser focused on two companion endeavors: building the capacity of the Bay Area Housing Finance Authority (BAHFA) and the funds it needs through a ballot measure for a nine-county, $10-20 billion general obligation bond championed by the Bay Area Housing For All (BAHA) coalition. This bond will create and preserve thousands of homes and house hundreds of thousands of our neighbors. To date, over 800 people have endorsed the bond, including 112 elected officials. BAHFA and BAHA received an award at Housing Action Coalition’s 21st Annual Housing Heroes Awards. Lastly, Senior Director Geeta Rao received the Unsung Hero Award from NPH for all her work as a leader in both efforts.
Our preservation team grew local and regional work into a statewide program, Preservation Next, launching its first California Academy. The cohort consisted of 15 community development corporations (CDCs), community land trusts (CLTs), and other community-based organizations. Alongside 1,200 attendees, the cohort participated in an 11-part series of publicly available, no-cost virtual training sessions designed to assist affordable housing providers, policymakers, and advocates with guidance to acquire, rehabilitate, and preserve the affordability of homes located in unsubsidized small- to medium-multifamily properties.
We look forward to working closely with developers around the state to build their capacity to access new loans and grants for one- to 25-unit properties that are at risk of foreclosure or in the foreclosure process. We are developing more tools with the Local Initiatives Support Corporation (LISC), which was selected by the California Department of Housing and Community Development (HCD) to administer the Foreclosure Intervention Housing Preservation Program (FIHPP). This team of CDFIs includes Enterprise Community Loan Fund, Community Vision, Genesis LA, Housing Accelerator Fund, National Housing Trust Community Development Fund, and Rural Community Assistance Corporation.
Our Homekey team doubled-down on the state Homekey program efforts to help organizations buy and maintain hotels and motels for people who were formerly homeless. Additionally, the team convened a peer learning cohort which served 70 members with seven trainings, six roundtable discussions and countless individual consultations on topics including harm reduction and housing retention strategies, trauma-informed care, operating budgets, and creating a successful supportive housing project through collaboration with local partners.
As part of the work, alongside our Tribal Nations and Rural Communities team, we supported 16 tribal applicants, with 10 successfully submitting applications totaling just over $80 million in funding requests. If awarded, these applications will create 234 affordable homes for tribal members.
Finally, in partnership with the California Department of Housing and Community Development and Wells Fargo, we brought together prospective and existing awardees in a statewide 200-person convening called A Common Cause: Unlocking Homekey in Sacramento to share best practices and technical barriers.
Our state and local policy team was busy this year working with close partnerships and coalitions to advance groundbreaking state and regional policies. Our collective efforts led to the passage of AB 1319 authored by Assemblymember Buffy Wicks, and ACA 1, authored by ASM Speaker pro Tempore Cecilia Aguiar-Curry, which together pave the way for transformative change on the November 2024 ballot!
AB 1319 made important enhancements to the financing and operations of the Bay Area Housing Finance Authority (BAHFA) in preparation for the $10-20 billion regional bond in November 2024. ACA 1, also headed to the November 2024 ballot, would lower the threshold for communities to pass local affordable housing and infrastructure bonds from two-thirds to 55%, thereby empowering voters in communities to address their local affordable housing and homelessness needs.
The team also convened and led a broad coalition of affordable housing and housing justice partners from across the state to develop a unified housing budget framework, helping protect affordable housing investments at the state level and preventing budget cuts despite a significant state budget deficit.
Additionally, in partnership with BAHFA, our Bay Area Regional Affordable Housing Pipeline Research team collected public data from all nine Bay Area counties at the county and city level, and private data from 31 developers. Lastly, in partnership with the Stable Homes Coalition, Housing California, and Public Advocates, Enterprise’s SB 225: Community Anti-Displacement and Preservation Program (CAPP) passed the Assembly and made it to the Senate Committee on Appropriations this past legislative session.
Our creative capital teams continue to impact communities all over the Bay Area through investments that make affordable homes a reality. Enterprise Community Loan Fund (ECLF) provided over $31.3 million in loans to affordable housing developers across the Bay Area, which will result in 263 affordable homes. Enterprise Community Investments invested $227 million in equity in seven Northern California developments, which will result in 586 affordable homes. Finally, through the Housing for Health Fund, Enterprise invested approximately $4.5 million of equity to preserve 116 affordable homes in Concord.
This year, our development team experienced some changes. Pat Bregant, cherished and long-time fundraiser, left Enterprise to spend more time with her family and focus on her music. Naaman Córdova joined the NorCal team in July as the new director of development and quickly got to work supporting our Northern and Southern California offices.
He had a lot of fun producing two big fundraisers in the first few months, including our annual Soiree at Above the Rim at the Chase Center. Our Changemaker Honorees this year were EPACANDO, who has been a champion of community-led preservation and community development, and California Assemblymember Buffy Wicks, who is advancing historic legislation to produce affordable housing in the Bay and across California.
Across all areas of our work, to deepen our commitment to racial and social equity, our team continues to dig into diversity equity and inclusion work with the help of The Justice Collective.
While we celebrate these milestones, we recognize how much work lies ahead. Across our communities and our state, Californians continue to face worsening housing insecurity and homelessness. As we look ahead to 2024, we recommit to deepening our work correcting racial injustices and inequitable housing systems while working every day to ensure everyone has a secure place to call home and belong.
From all of us, thank you for your partnership over the past year. If you are continuing or beginning a new tradition of giving at the end of the year, I encourage you to consider making a contribution to support our team’s work. Please select Northern California from the drop-down menu under Apply My Donation To.
Wishing you and yours a peaceful holiday season with some restorative time to reflect. We look forward to seeing you on the other side of the New Year!
