Bay Area consortium pledges $500M for affordable homes

Several Peninsula-based nonprofit organizations and companies are part of a new public-private partnership that aims to secure $500 million to help build more affordable housing in the Bay Area, the group announced Thursday.

Known as Partnership for the Bay’s Future, the collaboration is being funded by 10 organizations in the philanthropic, business and community-advocacy sectors. The initiative is billing itself as “one of the country’s largest investment funds to address the regional affordable housing crisis,” according to a press release.

“The housing crisis is the most serious issue facing our region — one that is making every other challenge harder, particularly for low-income families and people of color,” Larry Kramer, president of The William and Flora Hewlett Foundation, said in a statement. “This critical effort holds great promise for finding local and regional solutions.”