Civic Intelligence

The San Francisco Housing Accelerator

EIN 01-0716217 • 501(c)3 • San Francisco, CA

Profile

The corporation's specific purpose is to support affordable housing, community development and economic development for california's economically disadvantaged individuals and communities, by lending to, investing in, and directly acquiring such affordable housing and related community development real estate assets.

564 Market St Suite 225San Francisco, CA 94104

www.sfhaf.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

74th percentile

0.59x

Higher debt load relative to assets than 74% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Source year 2023

Liabilities / Revenue

96th percentile

8.88x

Higher debt load relative to revenue than 96% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Source year 2023

Net Margin

96th percentile

70%

Higher net margin than 96% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Source year 2023

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

84th percentile

20%

Faster asset growth than 84% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Annualized from 2022 to 2023

Revenue Growth

6th percentile

-31%

Faster revenue growth than 6% of similar nonprofits.

501(c)3 • $100M-$250M nonprofits • Annualized from 2022 to 2023

Assets

Down

$231,044,783

Down $13,628,318 (-5.6%) from 2023

Liabilities

Down

$109,384,024

Down $35,845,869 (-25%) from 2023

Net Assets

Up

$121,660,759

Up $22,217,551 (+22%) from 2023

Revenue

Up

$28,987,000

Up $12,640,875 (+77%) from 2023

Expenses

Up

$5,686,918

Up $823,553 (+17%) from 2023

Net Income

Up

$23,300,082

Up $11,817,322 (+103%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$300M$200M$100M$0Assets 2017: $25,626,143Liabilities 2017: $25,057,453Net Assets 2017: $568,6902017Assets 2018: $40,245,505Liabilities 2018: $39,418,349Net Assets 2018: $827,1562018Assets 2019: $103,426,809Liabilities 2019: $84,767,519Net Assets 2019: $18,659,2902019Assets 2020: $140,706,070Liabilities 2020: $77,402,738Net Assets 2020: $63,303,3322020Assets 2021: $152,166,853Liabilities 2021: $83,576,498Net Assets 2021: $68,590,3552021Assets 2022: $204,353,715Liabilities 2022: $116,649,049Net Assets 2022: $87,704,6662022Assets 2023: $244,673,101Liabilities 2023: $145,229,893Net Assets 2023: $99,443,2082023Assets 2024: $231,044,783Liabilities 2024: $109,384,024Net Assets 2024: $121,660,7592024

Highlighted filing

2024

Assets$231,044,783
Liabilities$109,384,024
Net Assets$121,660,759

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$60M$40M$20M$0Revenue 2017: $744,809Expenses 2017: $474,711Net Income 2017: $270,0982017Revenue 2018: $1,913,160Expenses 2018: $1,502,244Net Income 2018: $410,9162018Revenue 2019: $21,876,211Expenses 2019: $3,858,642Net Income 2019: $18,017,5692019Revenue 2020: $49,552,806Expenses 2020: $4,298,557Net Income 2020: $45,254,2492020Revenue 2021: $9,003,170Expenses 2021: $3,533,490Net Income 2021: $5,469,6802021Revenue 2022: $23,702,565Expenses 2022: $3,864,530Net Income 2022: $19,838,0352022Revenue 2023: $16,346,125Expenses 2023: $4,863,365Net Income 2023: $11,482,7602023Revenue 2024: $28,987,000Expenses 2024: $5,686,918Net Income 2024: $23,300,0822024

Highlighted filing

2024

Revenue$28,987,000
Expenses$5,686,918
Net Income$23,300,082

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 9, 2025
Return Version
2023v6.0
Gross Receipts
$29,076,740
Mission and Program Overview

Mission

The corporation's specific purpose is to support affordable housing, community development and economic development for california's economically disadvantaged individuals and communities, by lending to, investing in, and directly acquiring such affordable housing and related community development real estate assets.

The san francisco housing accelerator fund supports affordable housing, community development, and economic development for california's economically disadvantaged individuals and communities, by lending to, investing in, and directly acquiring such affordable housing and related community development real estate assets.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$92,475,609$136,613,047▲ $44,137,438
Other Notes and Loans Receivable, Net$143,007,718$82,295,695▼ $60,712,023
Land, Buildings, and Equipment, Net$8,273,523$8,273,523→ $0
Accounts Receivable$421,114$2,880,376▲ $2,459,262
Investments Program Related-$483,800-
Prepaid Expenses and Deferred Charges$88,833$75,468▼ $13,365
Intangible Assets$8,150$17,420▲ $9,270
Total Assets$244,673,101$231,044,783▼ $13,628,318
Other Assets Total$398,154$405,454▲ $7,300
Liabilities
Unsecured Notes Loans Payable$83,165,000$87,790,000▲ $4,625,000
Mortgage Notes Payable Secured by Investment Property$61,659,000$20,800,000▼ $40,859,000
Other Liabilities$228,414$478,802▲ $250,388
Accounts Payable and Accrued Expenses$147,479$315,222▲ $167,743
Deferred Revenue$30,000$0▼ $30,000
Total Liabilities$145,229,893$109,384,024▼ $35,845,869
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$99,001,646$107,516,632▲ $8,514,986
Net Assets With Donor Restrictions$441,562$14,144,127▲ $13,702,565
Total Net Assets Fund Balance$99,443,208$121,660,759▲ $22,217,551
Total Liabilities and Net Assets / Fund Balance$244,673,101$231,044,783▼ $13,628,318

Asset Categories

AssetBook ValueDepreciationBasis
Land$8,273,523-$8,273,523
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jan Lindenthal-coxChief Investment OfficerFT$207,128$99,454$306,582
Rebecca FosterCEOFT$212,419$90,822$303,241
Tamar DorfmanCFOFT$213,126$48,616$261,742
Devon NearyVice President, LendingFT$131,685$23,697$155,382
Justin ChenSenior Vice President, LendingFT$122,249$28,920$151,169

Board Members and Trustees

NameTitle
Meg SpriggsBoard President
Lydia TanBoard Secretary
Tyler Van GundyBoard Treasurer
Adhi NagrajDirector
Anagha Dandekar CliffordDirector
Brigitt JandreauDirector
Ernest BrownDirector
Katherine August DewildeDirector
Nina HatvanyDirector
Pablo BravoDirector
Rich GrossDirector
Tangerine BrighamDirector

Highest Paid Contractors

ContractorServicesLocationCompensation
Forsyth Street Advisors LLCFinancial Advisory588 BROADWAY SUITE 1208, New York, NY 10012$374,996
Orrick Herrington & Sutcliffe LLPLegal Services405 HOWARD ST, San Francisco, CA 94105$175,000
Revenue and Support

Revenue Composition

Contributions and Grants
$16,520,098
Program Service Revenue
$6,949,772
Investment Income
$5,517,130
Other Revenue
$0
All Other Contributions
$16,520,098
Change in Net Assets
$23,300,082

Audited Revenue Reconciliation

Revenue per Audited Statements
$28,772,957
Revenue Not Reported on Financial Statements
$214,043
Revenue Not Reported on Form 990
$1,427,310
Other Revenue Adjustments
$201,918
Total Revenue per Audited Statements
$30,200,267
Total Revenue per Form 990
$28,987,000
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,737,584
Salaries, Compensation, and Employee Benefits$1,949,334
Total Fundraising Expense$245,629
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$2,381,560--$2,381,560
Current Officers, Directors, Trustees, and Key Employees$694,074$170,643$160,056$1,024,773
Other Salaries and Wages$563,003$150,130$34,960$748,093
Fees for Services Other$560,681$88,460-$649,141
Fees for Services Accounting$31,506$177,512-$209,018
Fees for Services Lobbying$150,000--$150,000
Office Expenses$102,554$28,523$14,780$145,857
Payroll Taxes$74,534$20,099$10,055$104,688
Conferences and Meetings$46,674$12,982$6,727$66,383
Other Employee Benefits$33,966$15,884$2,194$52,044
Insurance$22,736$6,323$3,277$32,336
Other Expenses$7,381$22,758$285$30,424
Pension Plan Contributions$13,998$4,887$851$19,736
Advertising$2,238$623$9,513$12,374
Fees for Service Investment Mgmnt Fees-$12,125-$12,125
Depreciation Depletion-$9,337-$9,337
Total Functional Expenses$4,709,507$731,782$245,629$5,686,918

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$7,049,719
Total Expenses per Form 990$5,686,918
Expenses per Audited Statements$5,674,793
Expenses Not Reported on Form 990$1,374,926
Expenses Not Reported on Financial Statements$12,125
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
Yes
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Allowance for Credit Losses - Unfunded Commitments$188,029
Operating Lease Liability$172,194
Interest Payable$118,579
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

The form 990 is reviewed by the chief executive officer and the members of the governing board for accuracy and completeness.

Form 990, Part VI, Section B, Line 12C

Members of the board and the organization's employees are required to re-sign the conflict of interest disclosure statement on an annual basis. Furthermore, the conflict of interest policy is stated in the organization's bylaws.

Form 990, Part VI, Section B, Line 15

Compensation review was conducted for ceo with ad hoc board committee led by board chair and included a ceo performance review survey, review of comparison reports on compensation for ceos, and analysis compensation implications on fy budget. Compensation for the cfo is set by the ceo after a review of compensation data for the same position in similar organizations, compiled from nonprofit surveys and 990 data. The cfo compensation is approved by the board.

Form 990, Part VI, Section C, Line 19

The organization's governing documents, conflict of interest policy, and financial statements are available to the public upon request.

Filing and Contact Details

Filer

Filer Name
The San Francisco Housing Accelerator
EIN
01-0716217
Phone
4156636938
Address
564 MARKET ST SUITE 225, SAN FRANCISCO, CA 94104

Signing Officer

Name
Tamar Dorfman
Title
CFO
Phone
4156636938
Signed
2025-05-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Tamar Dorfman
Formed
2002
Legal Domicile
CA
Voting Board Members
13
Independent Board Members
13
Employees
10
Volunteers
0

Preparer

Firm
Novogradac & Company Llp
Address
PO BOX 7833, SAN FRANCISCO, CA 94120-7833
Preparer
Elaine Chang
Phone
4153568000
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

Consulting fees: program service expenses 560,681. Management and general expenses 88,460. Fundraising expenses 0. Total expenses 649,141.

FORM 990, PART XI, LINE 9:

Adjustment for origination fee -231,918. Adjustment for donated legal services -697,719. Adjustment for provision for credit losses -334,100. Adjustment for contracts revenue 30,000. Adjustment for cecl adoption -932,997. Adjustment for organization costs -343,107.

Financial Statement Notes

PART X, LINE 2:

The preparation of financial statements in conformity with accounting principles generally accepted in the united states of america requires the organization to report information regarding its exposure to various tax positions taken by the organization. Management has determined whether any tax positions have met the recognition threshold and has measured the organization's exposure to those tax positions. Management believes that the organization has adequately addressed all relevant tax positions and that there are no unrecorded tax liabilities. Federal tax authorities generally have the right to examine and audit the previous three years of tax returns filed. California tax authorities generally have the right to examine and audit the previous four years of tax returns filed. No interest or penalties from federal or state tax authorities were recorded in the financial statements.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Adjustment for origination fee 231,918. Adjustment for contracts revenue -30,000.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Adjustment for provision for credit losses 334,100. Adjustment for organization costs 343,107.

Raw XML AppendixShowing 400 of 699 raw XML fields

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IRS990/ActivityOrMissionDesc0THE SAN FRANCISCO HOUSING ACCELERATOR FUND SUPPORTS AFFORDABLE HOUSING, COMMUNITY DEVELOPMENT, AND ECONOMIC DEVELOPMENT FOR CALIFORNIA'S ECONOMICALLY DISADVANTAGED INDIVIDUALS AND COMMUNITIES, BY LENDING TO, INVESTING IN, AND DIRECTLY ACQUIRING SUCH AFFORDABLE HOUSING AND RELATED COMMUNITY DEVELOPMENT REAL ESTATE ASSETS.
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IRS990/Desc0THE FUND CELEBRATED THE CLOSING OF ITS 50TH LOAN, THE MAJORITY OF WHICH ARE THROUGH ITS PRESERVATION OF EXISTING PROPERTIES PROGRAM, ENABLING THE REHABILITATION AND PRESERVATION OF AFFORDABLE HOUSING UNITS. AS OF 06/30/24, HAF HAS FINANCED OVER 2,600 HOMES. THESE EFFORTS SUPPORTED DIVERSE HOUSING TYPES, INCLUDING SMALL AND LARGE SITES, SROS, HOTELS, TRANSITIONAL HOUSING FOR YOUTH EXITING THE FOSTER CARE SYSTEM, AND COOPERATED LIVING SPACES FOR INDIVIDUALS WITH CHRONIC MENTAL ILLNESSES OR SUBSTANCE USE DISORDERS. CONTINUING ITS EFFORTS TO EXPAND THROUGHOUT THE GREATER SAN FRANCISCO BAY AREA, OUR TEAM WORKED WITH THE CITY OF OAKLAND TO DESIGN AN OAKLAND-BASED LENDING PROGRAM THAT BUILDS UPON THE SUCCESSES OF HAF'S MODEL FOR PRESERVATION LENDING IN SAN FRANCISCO. THE CITY OF OAKLAND HAS COMMITTED $10 MILLION TOWARDS THE CREATION OF THIS LOAN FUND; THIS INVESTMENT WILL BE LEVERAGED WITH HAF'S OWN BALANCE SHEET CAPITAL TO OPTIMIZE THE FUND'S IMPACT. WE ARE GRATEFUL FOR THE SUPPORT OF OUR OAKLAND PARTNERS AND LOOK FORWARD TO LAUNCHING AND LENDING UNDER THIS PROGRAM IN THE COMING YEAR. THROUGH ITS NEW CONSTRUCTION PROGRAM, THE FUND PARTNERED WITH NONPROFIT DEVELOPERS TO ADD OVER 360 NEW AFFORDABLE HOUSING UNITS TO THE REGION, SERVING A RANGE OF RESIDENTS FROM LOW- TO MIDDLE-INCOME HOUSEHOLDS TO THOSE AT RISK OF HOMELESSNESS. NOTABLY, THE FUND FINANCED 1633 VALENCIA, A 145-UNIT PERMANENT SUPPORTIVE HOUSING PROJECT, AS THE INAUGURAL PROJECT OF THE NEWLY LAUNCHED BAY AREA HOUSING INNOVATION FUND (BAHIF). THIS $50 MILLION PILOT INITIATIVE, CREATED WITH PARTNERS SOBRATO PHILANTHROPIES, DESTINATION: HOME, APPLE, AND HAF, AIMS TO DELIVER DEEPLY AFFORDABLE HOMES FASTER AND MORE EFFICIENTLY.THE FUND LAUNCHED THE INDUSTRIALIZED CONSTRUCTION CATALYST FUND (ICCF), A PROGRAM DESIGNED TO PROVIDE QUICK AND AFFORDABLE PREDEVELOPMENT LOANS FOR MODULAR CONSTRUCTION PROJECTS. BACKED BY A $3 MILLION GRANT FROM THE CHAN ZUCKERBERG INITIATIVE, THE ICCF AIMS TO SUPPORT THE DEVELOPMENT OF UP TO 1,200 AFFORDABLE UNITS OVER THE NEXT DECADE. ADDITIONALLY, THE FUND SECURED RENEWED AND EXPANDED CAPITAL COMMITMENTS FROM KEY PARTNERS, STRENGTHENING ITS ABILITY TO INNOVATE AND SCALE ITS LENDING PROGRAMS.
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IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
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