It's exciting because I think we need more ways to develop deeply affordable housing. It's hard to watch good projects that can end peoples' homelessness and can improve the quality of life for a family just sitting there.
The lack of capital puts projects in limbo and causes them to become more pricey as construction costs rise. This partnership can be a financial lifeline.
Affordable housing developments take more than five years and cost more than $800,000 to construct a home in the Bay Area. Partners estimate their projects will take three years to complete and cost $550,000 to build a studio and $700,000 for a one-bedroom unit.
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