March 27, 2024

Impact Investments: A Growing Part of AHF’s Portfolio


Alliance Healthcare Foundation has set aside approximately 10% of our endowment to be used for impact investments. Through debt or equity investments, we can catalyze additional social impact, beyond what we would be able to achieve with our grantmaking alone. In recent years, these investments have focused on affordable housing along the continuum from homeless housing to “missing middle” workforce housing. Mixed into the portfolio is a variety of other types of investments, most of which have been qualified through a racial equity lens and all with mission aligned social impact potential. Below is a description of our newest impact investment commitment.

Is your social impact project in need of an investment partner? Let’s start a conversation here.


happy couple holding keys to new house$1 Million Commitment to Community Solutions’ Large Cities Housing Fund

More housing for San Diego’s homeless


We are pleased to report that AHF has committed up to $1 million in a Program Related Investment, sponsored by Community Solutions called the Large Cities Housing Fund. The social impact we hope to see generated includes:

  • Preservation of naturally occurring affordable housing in San Diego that otherwise would likely flip to market rate.
  • Net new housing for priority homeless populations through conversion of ~50% of units to be used for this purpose.
  • Remainder of units deed restricted to remain affordable as middle income / workforce housing.
  • Significant portion of project will be funded through outside equity capital that otherwise would not come to San Diego.

In San Diego, we were joined in this impact investment by partner BQuest Foundation which also committed up to $1 million.

BDP is the fund manager for this $125M social-impact equity fund, which develops housing for veterans experiencing homelessness in 16 target communities nationwide. The Fund is sponsored by Community Solutions, a nationally recognized nonprofit working to end homelessness. Investors include some of the largest health systems, foundations, family offices and private investors in the country. The Fund acquires existing multifamily buildings, renovates as needed, and connects units to the local homelessness response system as they become available. Properties maintain a 50/50 mix of voucher and workforce housing, and tenants are connected to any services or support needed to ensure they remain stably housed.

In cities like San Diego where real estate prices are extremely high, local impact investors like Alliance and BQuest play a critical role by providing low-interest debt funding alongside investments from the equity pool, allowing these projects to offer and maintain affordable rents.

SDSU logo for School of Public Health

San Diego State University Public Health Alumni Gathering at AHF

Open “Call for Nominations”


Alliance Healthcare Foundation hosted the San Diego State University School of Public Health Alumni Board on Monday, March 4, 2024, led by their new chair and our very own, Barbara Orozco-Valdivia, Vice President of Programs and Community Partnerships.

The alumni board has now opened the “Call for Nominations” and seeks your support to nominate two SPH alumni with these two awards: Distinguished Alumni award: An Alumni who exemplifies the values and mission of the SPH, which is to “develop public health leaders, advance knowledge on health equity, and collaboratively transform public health locally and globally through education, research, and service.” Evidence of their achievement in forwarding this mission should be documented through their participation in or development of impactful public health programs or research activities, or their service to a particular cause or community.

Alumni Engagement award: This award is meant to honor an individual who has committed time and effort to supporting the growth and success of the SDSU School of Public Health. Their demonstration of their commitment could include any of the following activities: meaningful mentorship of current students or other alumni; active participation in SPH-hosted events; active engagement in SPH Alumni events.

To nominate a deserving alumnus, here is the nomination form. Nominations are due by March 29, 2024, by 5 pm. These two awards will be presented at the SDSU School of Public Health’s May’s graduation.

2024 Mission Support Grantee Spotlights


Three people harvesting potatoes at Bayside Community CenterAddressing Food Insecurity: Bayside Community Center

Serving the community of Linda Vista for more than 90 years, Bayside Community Center celebrates Nutrition Month all year with food distribution, education, and community garden activities. On December 16, 2023, Bayside Community Center and several community partners, including San Diego Parks Foundation, officially broke ground on the first-ever community garden to be developed in an existing city park in San Diego. This project is the first to make use of a 13-year-old policy that allows for public space, such as local city parks, to support community gardens.



young girl making an art project, ARTSCreating with Community: ARTS (A Reason To Survive)

During Youth Art Appreciation Month, we celebrate the wonderful contributions being made in the Southbay by nationally recognized ARTS. Through creative youth development, youth are engaged in skill-building, relationship-building, and community-building. Art and creativity aimed at amplifying youth voices is just one of the many ways ARTS is supporting the community.




Outside gate with Trans FlagTrans Visibility Day 3/31: Rainbow Spaces

Since its start in 2021, Rainbow Spaces is determined to grow with purpose and a promise that no space should feel inaccessible for LGBTQIA+ youth. Events are free and open to inclusive youth, accessible via public transportation, and in the South and East County communities. Their upcoming Starry Night Soiree on May 4, 2024, is an inclusive Prom that is a youth led event where they learn how to fundraise, advocate, budget, and work in groups all while creating the event they hope to attend. Check out the event page.



Two children wearing graduation robesSupporting Community: Chicano Federation

Whether it’s a day of service on Cesar Chavez Day March 31 or a call for emergency help as was the case after the Jan 22 storm destroyed many of the units and tenant livelihoods at Delta Apartments in Southcrest, volunteering for the Chicano Federation is part of its community culture. The 2024 Unity Luncheon, May 3rd, is another opportunity to support the community and show gratitude.



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