San Francisco Housing Accelerator Fund Secures $100 Million Commitment From First Republic Bank to Finance Affordable Housing
FIRST REPUBLIC BANK (FRC)
Last first republic bank earnings: 4/14 06:50 am
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US:NYSE Investor Relations:
ir.firstrepublic.com
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Source: Business Wire
Major commitment from First Republic will help nonprofit lender preserve and produce more than 2000 affordable homes in San Francisco over the next 5 years. SAN FRANCISCO--(BUSINESS WIRE)--The San Francisco Housing Accelerator Fund (SFHAF) announced today a $100 million commitment from First Republic Bank (NYSE:FRC) in the form of a revolving credit facility to support the preservation of affordable housing in San Francisco through SFHAF’s anti-displacement lending program.This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200226005228/en/A public-private partnership, SFHAF provides flexible loans to nonprofit community partners so they can compete with market-rate development corporations to purchase buildings for low-income residents vulnerable to displacement. With financial assistance from SFHAF, the nonprofits buy the buildings, complete extensive repair work, and operate them as permanently affordable housing.First Rep
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