Bay Area Preservation Pilot Fund (BAPP)

The Bay Area Preservation Pilot Fund (BAPP) is one of MTC’s two regional housing finance programs focused on the preservation of affordable housing.

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Credit
Joey Kotfica

In 2018, MTC launched BAPP to help stabilize communities at risk of displacement. BAPP is a revolving loan fund designed to assist mission-driven developers and community-based organizations with the acquisition and preservation of homes that are:

  • Unsubsidized multifamily housing;
  • Located in areas with high-frequency transit service; and
  • Considered affordable to low- and moderate-income renters.

MTC committed $10 million to BAPP, supplemented by an additional $39 million in community development financing institution (CDFI) capital from the program fund managers, Enterprise Community Loan Fund (ECLF) and Low Income Investment Fund (LIIF), making a total of $49 million available for acquisition loans.

Achievements to Date

Since its launch, the BAPP program has successfully closed loans for two projects in Oakland, supporting the preservation of 71 affordable homes.

BAPP Program Improvements

In 2021, the Metropolitan Transportation Commission approved several revisions to the BAPP program guidelines. These will improve the fund’s ability to quickly deploy funding to a more diverse set of projects across a larger geographic area.
The program revisions will make BAPP funds more accessible to projects that also:

  • Are located throughout the nine-county Bay Area, including cities and counties that do not yet have local preservation funds
  • Have a high risk of displacement or eviction of current residents
  • Are home to vulnerable and historically-marginalized groups, including families with children, seniors, people with disabilities, people with language barriers, people of color and extremely low-income tenants
  • Have project sponsors that are led by people of color and/or are working in close partnership with tenants