San Diego Foundation Launches $100 Million Partnership to Speed Up Construction of Affordable Housing
North Park groundbreaking kicks off construction of 38 affordable homes for San Diego’s workforce, including teachers, healthcare workers and first responders
SAN DIEGO, CA (Oct. 7, 2026) — San Diego Foundation (SDF) today announced a new $100 million financing partnership with Bear Creek Fund Advisors designed to provide a faster, more flexible path to construction of affordable homes for San Diego’s workforce.
The announcement coincided with the groundbreaking of Louisiana Street, a new 38-home development in North Park and the first of four projects creating 257 affordable homes in North Park and Normal Heights. The other three projects, Kansas II, Oregon and Kansas III, will break ground in the future.
All 38 studio apartments at Louisiana Street will be required to remain affordable over the long term for San Diegans earning up to 80% of the area median income. The development brings together San Diego Foundation, Bear Creek Fund Advisors and Naturally Affordable Housing, building on City of San Diego initiatives such as Complete Communities that help enable more affordable housing for San Diego's workforce.
“An approved housing project is not yet a home. It takes financing and committed partners to get construction started,” said Mayor Todd Gloria. “This new partnership creates another path to move affordable housing forward faster, beginning with 38 homes for the working San Diegans who help keep our city running. I thank the San Diego Foundation, Bear Creek and Naturally Affordable Housing for investing in North Park and helping us build a San Diego more people can afford.”
Affordable and workforce housing projects can take years to move from plans to construction, in part because traditional financing programs often require lengthy, competitive funding cycles. The SDF-Bear Creek partnership provides another path to construction financing that can help qualifying projects move forward faster.
“Addressing San Diego’s housing needs requires bringing together partners with different strengths and using every tool available,” said Mark Stuart, president & CEO of San Diego Foundation. “This partnership puts that approach into action, combining investment, innovative financing and local expertise to help move more affordable homes from plans to construction.”
Under the $100 million partnership, Bear Creek Fund Advisors will provide construction financing for affordable housing projects in San Diego.
“This project is a great example of what an effective public-private partnership can accomplish. By bringing together the resources and capabilities of city government, local developers, nonprofit organizations, and private capital, this team created a flexible financing structure tailored to the unique elements of the project,” said Jonathan Stern, Partner, Bear Creek Asset Management. “Throughout the process, we remained focused on one shared goal: delivering more high-quality affordable housing to the San Diego community, faster.”
This initiative is part of SDF’s broader commitment to expanding housing opportunities across San Diego County, with a goal of helping 1,000 households annually, for the next 10 years, secure and maintain stable, affordable housing. For partnership inquiries, please reach out to info@sdhousingfund.com.
About San Diego Foundation
San Diego Foundation believes in just, equitable and resilient communities where every San Diegan can prosper, thrive and feel like they belong. We partner with donors, nonprofits and regional leaders to advance solutions that respond to community needs and strengthen San Diego. Since 1975, SDF has granted more than $2 billion to nonprofits to improve quality of life in San Diego County and beyond. Learn more at sdfoundation.org.
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