The Metropolitan Transportation Commission made a $10 million commitment Wednesday to a new $50 million revolving fund for loaning money to developers to build affordable housing near Bay Area rail stations and bus stops.
The commission, a nine-county Bay Area agency, is joining forces with Morgan Stanley, Citi Community Capital, and several other financial and nonprofit groups to create the fund, called the Bay Area Transit Oriented Affordable Housing Fund. The loans will be given in nine counties to lock up land while developers seek building approval. The current market for housing has withered during an economic slump the last few years. Officials plan to make the first $4.8 million loan to buy a San Francisco parking lot where developers plan to construct a 14-story building with 150 apartments and a ground-floor grocery story at Eddy and Taylor streets.
