Redwood City nonprofit fundraising to purchase 48-unit apartment complex

Redwood City nonprofit fundraising to purchase 48-unit apartment complex

in Community/Featured/Headline and

A Redwood City nonprofit that helps low income families has launched an online fundraiser to purchase a 48-unit property in Redwood City and transition it into affordable housing.

The St. Francis Center at 151 Buckingham Ave. is seeking to purchase an apartment complex located just down the block at 180 Buckingham Ave., a building that once served low-income workers before, according to this 2016 Guardian article, it was purchased for remodeling and rebranding.

“Very simply put, we need more low income and affordable housing,” said Sister Christina Heltsley in a blog post about the fundraiser to purchase the property.

The fundraiser is going well: It is seeking to raise $8 million for the downpayment on the property, which is listed for $21.8 million. In just 13 days, the fundraiser has raised over $4 million, with most of that amount attributed to three large donations. The St. Francis Center aims to raise the remaining $4 million in 60 days.

Sister Heltsley said she wants to create housing that will keep crucial service workers in the community, from Target cashiers to childcare providers, and also to keep local housing affordable for future generations of families in Redwood City.

“The St. Francis Center has an excellent opportunity to make a dent in the otherwise overwhelming housing crisis,” she said. “Doing nothing is not our style.”

After raising $8 million, the St. Francis Center said it will move forward with the purchase and borrow the remaining $14 million.

To view the fundraiser and for more information, go here.