The Bay Area Smart Growth Fund aims to work with local non-profits to build mixed-income housing, commercial buildings and industrial projects in about 50 neighborhoods throughout the Bay Area. The fund was started by the Bay Area Council, a public-policy group, to help with housing and transportation issues that have plagued the Bay Area for several years.
Still, the Bay Area can be a challenge to all developers and the fund's creators can expect to face problems with proposals. The fund lacks options, such as development grants and subsidies, which has been necessary in the past to move affordable housing projects forward.
The Bay Area Council has created the Smart Growth Fund as one of three funds that aim to renovate low-income neighborhoods. Two other funds are designed to rebuild brown fields and invest in local business.
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