The San Francisco Community Land Trust (SFCLT) has announced a $20 million gift from philanthropist and Giving Pledge signatory MacKenzie Scott.

The gift will support the organization’s vision of building housing and homeownership opportunities for BIPOC (Black, Indigenous, and people of color) communities previously excluded from access to wealth. SFCLT is using the gift to launch a $60 million capital campaign.

“The time to act is now before the predicted ‘real estate apocalypse’ makes all Bay Area land and housing so astronomically expensive that it is beyond the reach of any social policy intervention,” said SFCLT executive director Saki Bailey. “The Bay Area is in dire need of tenant-centered housing solutions like the CLT and Coop that empower tenants to collectively secure their housing futures rather than to leave it in the hands of self-interested developers or ineffective bureaucrats.”

(Photo credit: Getty Images/Drazen)