SALT - for Builders > History of SALT
History of SALT
Conceive – Believe – Achieve
1993 — SALT is born
In response to community outcry for affordable housing, NFH establishes SALT Fund at MCF for the purpose of acquiring land to meet many human needs such as homes, jobs, community space, recreation, agriculture and open space.
1994 — Emeryville
Damaged beyond repair and condemned in the 1989 earthquake, this 165,000 square foot warehouse was seemingly permanently paralyzed in bureaucratic red tape. SALT was asked by Holiday Development to accept the $6.3 million donation. SALT reinvested the property to capitalize ELofts, LLC and then qualified for a $24 million construction loan.
1998 — SALT’s Evolution
MCF assists NFH to create SALT to take on the activities of land acquisition and Land Banking with initial funding from MCF’s SALT fund.
1998 — Emeryville Lofts
129 residential lofts are completed producing $36 million in new homes. The development provided 20% of its residential lofts as affordable for low income new home buyers. This project was one of the first in the revival of this once lagging community. The Emeryville Lofts resulted in increased revenue and critically needed housing for industrial growth.
2001 — Zinfandel Parcel Acquisition
SALT completes land acquisition of the Vintage Zinfandel Parcel in Santa Rosa, intended for 129 senior low income rental units. 10% of the land was set aside for riparian habitat preservation. Due to bureaucratic delays, construction was held up for three years. SALT acted as General Managing Partner to stimulate action and remains in this capacity to date.
2002 — Zinfandel Completed
SALT assisted USA Properties Fund to complete Vintage Zinfandel in a remarkable 18 months from land acquisition to complete rent up! Quite extraordinary, considering the environment at the time. SALT employed their considerable skill and resources to avoid years of being bogged down in onerous approval processes.
2002 — Creekside Parcel Acquisition
Abandoned, blighted property slated for redevelopment that had been tied up for 25 years from 1974-2001is acquired. Clark was an integral part of the planning process for redevelopment from 1978 and served on 3 of the 5 development teams bidding for redevelopment rights on the inactive Hamilton base. The parcel was intended for 77 low income townhomes and an after- school childcare facility. SALT was an important ingredient in pushing for housing instead of other proposed uses. The level of affordability would not have been possible without SALT’s ability to qualify for tax credit financing.
2003 — Sonoma County Housing Trust
SALT collaborates with the Sonoma County Housing Coalition to create the Sonoma County Housing Trust and provides $10,000 seed money. The purpose of SCHT is to seek out and facilitate acquisition of land to increase the amount of affordable housing in Sonoma County.
2003 — Bay Vista Parcel Acquisition
SALT helps navigate the maze of multi-jurisdictional and parceling issues with the Navy and the City of Novato to complete land acquisition of the Bay Vista Parcel, intended for 220 low income apartments and a childcare facility for a Novato Head Start Program.
2004 — Creekside Completed
Creekside low income townhomes at Hamilton are completed along with the after-school childcare center run by North Bay Children’s Center. The 77 beautiful new units are filled with happy tenants.
2005 — Bahia Parcels Acquisition
SALT completes land acquisition of Bahia parcels. The donated land is assessed at $2.7 million. The owner/developer made the wise choice to receive the tax donation value and provided land for much needed housing in the community.
2006 — Sonoma County Parcel Acquisition
SALT accepts donation of a Sonoma County parcel from private land owners for the development of affordable housing.
2006 — Bay Vista Completed
Bay Vista apartments are rented fully and the Head Start Program in Novato opens. As part of the Hamilton ReUse Plan, NCP built a state-of-the-art childcare facility which is leased to Head Start for $1 per year to provide Early Childhood Education for low- income families.
2009 — What Our Shared Future Holds
SALT’s cumulative land acquisition fund began in 1993 with $25,000 and has reached $11.4 million in 2007, resulting in real estate value of approximately $154 million and creating 552 homes. In the next 15 years, SALT will work to more than triple production of the past 15 by attracting land donations, land acquisition opportunities and funding exceeding an additional $20 million to create 2000 more homes and a quarter billion dollars in developed property.Land banking is the top strategy and priority to ensure the opportunity to create homes affordable to the workforce of the North Bay into the year 2020.