Housing Preservation Loan Pilot
BAHFA's Housing Preservation Loan Pilot preserves affordable housing and protects residents by helping mission-driven housing developers to acquire and rehabilitate residential properties which are then converted to permanently affordable housing.
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 Open
As of October 1, 2025, BAHFA is accepting applications from eligible applicants for $3.55 million in preservation loans. Each eligible project may receive a loan up to $250,000 per unit. Review the Notice of Funding Availability and apply through the Housing Preservation Loan Pilot Application Portal.
Applications will be accepted on a rolling basis and processed in the order they are received until all funds are committed. Eligible projects received within five business days of each other will be evaluated and scored based on impact towards state and regional policy goals, readiness, experience, resident engagement and cost effectiveness.
Funding Information Session
A virtual information session for interested applicants was held on April 17 to review the program requirements. View the information session recording and slide presentation. Lee las diapositivas en español.
Learn More About the Awards
Four projects have received funding through the Housing Preservation Pilot since its inception:
- 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.
Staff Contact
Somaya Abdelgany
Phone: 415-778-5217
Email: sabdelgany@bayareametro.gov