Mayor Ed Lee Announces Plans For $6M Fund To Help Nonprofits Deal With Office Space Crisis
Mayor Ed Lee has set aside $6M across three programs to help nonprofits tackle pressing space issues. The program will consist of three separate efforts: $4.25M for an investment fund to help nonprofits acquire permanent space; $1.45M for one-time grants help nonprofits manage short- and mid-term transitions; and $295k for other planning and administrative efforts.
The investment fund is based on a prior success story with the Community Art Stabilization Trust (CAST), according to a report by the San Francisco News. CAST purchased two buildings in Central Market and used the space for arts and culture-related projects.
The mayor supported these efforts since many city residents are supported by nonprofit work. It is hoped that having better access to office space will help nonprofits stay in the city.
HealthRIGHT CEO Vitka Eisen previously told Bisnow how rising rents are a major challenge in providing care. [SFN]
