The Kataly Foundation awards $200,000 grant to the SFCLT

The Kataly Foundation has awarded a grant of $200,000 to the San Francisco Community Land Trust (SFCLT) to help with the acquisition of 285 Turk.

285 Turk Street is a large apartment building located in the heart of the vibrant Tenderloin neighborhood of San Francisco. The building is home to a highly diverse population of Black, Indigenous, and AAPI tenants, predominantly Filipino and Mayan. In addition, to its 40 residential units, 285 Turk includes 2 units of neighborhood-serving commercial space and is also located within the Tenderloin's Transgender Cultural District.

285 Turk was exempted from the Rent Control Stabilization Ordinance in 1985, which has resulted in tenants being subject to unchecked rent increases and not having the protections of rent control. Tenants will be extremely vulnerable to displacement and exploitation if a speculative landlord purchases the building with the goal of increasing rents.

However, the economic impact of COVID-19 has caused a drop in the market value of apartment buildings to the point where it has become possible for SFCLT to purchase 285 Turk, which would create permanently affordable housing for both existing and future tenants.

SFCLT is working with their partner the Filipino Community Development Corporation (FCDC) to take this large building off the speculative market and into community ownership, thereby providing stable housing and enhanced self-determination for residents.

“We believe in the mission and the strategy of the team,” said Nwamaka Agbo, CEO of the Kataly Foundation said in awarding the grant to SFCLT.

Saki Bailey, the Executive Director of SFCLT said, “We appreciate the commitment and support by the Kataly Foundation towards SFCLT’s efforts to create permanently affordable housing taken off the speculative market for the residents of 285 Turk. The 285 Turk project represents SFCLT’s renewed mission of advancing racial equity through incubating BIPOC community-driven projects as the heart of our acquisition strategy.”

With over $9 million of financing secured for this purchase, SFCLT is $780,332 short of securing this property for low-income San Francisco residents. SFCLT is calling on the larger San Francisco Community to help close this gap. SFCLT Board Vice President Francesca Manning asks, “Are you someone with means looking for ways to nurture and protect the vibrant community of San Francisco? Do you want to see BIPOC San Franciscans housed permanently and safely? This is your opportunity to make a direct donation to protect an affordable building for BIPOC residents! 285 Turk and San Francisco’s only community land trust needs you!”

To find out more about this project please contact: Keith Cooley, Director of Asset Management at SFCLT: 415 480-0397 – kcooley@sfclt.org