Housing Preservation Loan Pilot

BAHFA established the Housing Preservation Loan Pilot with $17.8 million in Regional Early Action Planning Grant (REAP 2) funding from the state of California to help mission-driven housing developers achieve preservation and anti-displacement goals.  

The program provides low-interest loans to nonprofit developers and community land trusts to acquire and rehabilitate residential properties occupied by low- and moderate-income residents. These properties must also be located in eligible geographies that incorporate state and regional priorities.  

Funding Application Now Closed

BAHFA in April 2025 released a Notice of Funding Availability for $9.05 million in preservation loans.  As of June 2026, all funds have been awarded to eligible projects and funding is no longer available.

Learn More About the Awards

Six projects have received funding through the Housing Preservation Pilot:

• In San Francisco, a loan of $4.25 million helped The San Francisco Community Land Trust purchase 320-324 14th St. in the Mission District. The San Francisco Housing Accelerator Fund also provided a loan for the building rehabilitation. This will preserve 16 affordable homes in a neighborhood greatly impacted by rising rents and displacement of longtime residents.
• In San Jose, the South Bay Community Land Trust – with advisory and technical support from MidPen Housing Corporation – has purchased The Virginian Apartments in the Mayfair neighborhood with a $4.5 million loan from BAHFA. This purchase will preserve 18 homes as permanently affordable. The City of San Jose is providing a $5 million loan to support rehabilitation costs.
• In Oakland, BAHFA provided a $1 million loan to Just Homes to acquire a four-unit property in the Highland Terrace neighborhood. The project also received a technical assistance grant from BAHFA to cover consulting support from MidPen Housing Corporation. The property will house formerly unhoused households and households at risk of homelessness through a referral partnership with Abode Services. The San Francisco Housing Accelerator fund has provided a bridge loan for the acquisition, and the City of Oakland will provide permanent financing.
• In Sonoma, Burbank Housing received a $4.5 million loan to acquire and rehabilitate two properties at 673 First Street West and 270 First Street East. The project will ensure housing stability for low-income seniors and families across 18 units. The project also received a $250,000 grant from the City of Sonoma and permanent loan from the San Francisco Housing Accelerator Fund.
• BAHFA provided a loan of $3 million to Our Town St. Helena (OTSH) for the acquisition of a 12-unit building located at 1347 and 1357 Monte Vista Ave. in St Helena. This project will provide a rare affordable housing opportunity for lower-income households in a high resource community, with most existing households including residents who work in service-oriented jobs in or near St. Helena. OTSH has contracted with Burbank Housing for property management services. OTSH will conduct some rehabilitation work over the next few years to address immediate and near-term building needs, including site work, exterior siding repairs, roof replacement and select unit upgrades. Alongside BAHFA’s loan, Poppy Bank provided a $750,000 senior loan and the mission-driven seller provided a discount on the purchase price.
• BAHFA provided $550,000 in permanent financing to Richmond LAND for its first property acquisition. The borrower used the 55-year BAHFA loan to take out an existing short-term bridge loan on the South 24th Street Triplex, stabilize the property, fund critical repairs and ensure long-term affordability. South 24th Street Triplex is the cornerstone of Richmond LAND's mission to preserve affordable housing, resist speculative displacement and foster community ownership in Richmond. 

Staff Contact

Somaya Abdelgany
Phone: 415-778-5217
Email: sabdelgany@bayareametro.gov