LARKSPUR, Calif., Feb. 1, 2024 - Catalyst Impact Fund, Inc. (CIF), a California-based nonprofit housing investor, has acquired 787 The Alameda, a 168-unit multifamily community in San Jose, California. Future leasing at the 2018-built property will be restricted to households earning less than 80% of Santa Clara County's median income. In addition to reducing rents as much as 50% inside of current market rates, Catalyst will develop novel resident programming and a renter wealth creation model to empower intergenerational economic mobility.

"Low-income renter households face increasingly prohibitive housing costs and countless barriers to economic mobility," said Annie Koo, President of CIF's Board of Directors. "With the acquisition of 787 The Alameda, Catalyst seeks to demonstrate how affordable housing itself can be harnessed to build meaningful wealth for those who have been most affected by decades of exclusionary housing policy."

CIF was incubated by Catalyst Housing Group (CHG), a certified B Corporation that provides tech-enabled asset management services to multifamily housing owners. With the addition of 787 The Alameda, CHG's current asset management portfolio consists of 4,593 units across 16 rent-restricted multifamily communities throughout California.

"Catalyst has built an entire mission-driven ecosystem committed to the relentless pursuit of scalable housing solutions," said Jordan Moss, CHG's founder. "787 The Alameda marks an evolution for Catalyst, where we will leverage innovative affordable housing preservation to create tangible economic mobility for our low-income residents."

CIF's efforts to deliver high-quality affordable housing, in high-impact areas, with embedded renter wealth creation programming are bolstered by Crankstart Foundation, the San Francisco-based family foundation of Michael Moritz and Harriet Heyman. Crankstart made more than $200 million of grants in 2023, the majority to Bay Area-based nonprofits focused on critical issues related to economic mobility, education, democracy, housing security, the environment, and medical science & innovation.

"Crankstart was proud to make a $10 million Program Related Investment that helped make 168 affordable apartments available for low-income households," said Missy Narula, CEO of Crankstart Foundation. "The CIF model integrates the use of concessionary capital alongside market rate capital with an innovative approach that is consistent with our mission."

The City of San Jose has been tasked by the State of California with creating more than 62,000 housing units over the next 7 years. Nearly 40% of these units are mandated to be affordable to households earning less than 80% of area median income, the exact cohort who will reside at 787 The Alameda.

"Our affordable housing crisis demands innovation," says San Jose Mayor, Matt Mahan. "Catalyst's acquisition of 787 The Alameda proves there are scalable pathways to providing high-quality, accessible housing for our working families directly within the communities they serve."

Media Contact:
Stefan Friedman
sfriedman@actumllc.com

SOURCE Catalyst Impact Fund, Inc.