BACIN: Bay Area Community Investment Network

Investments

The following are investments made by BACIN participants in the priority neighborhoods.

WATERSTONE CONDOMINIUMS

BACIN Investor: Bay Area Smart Growth Fund I

Business Name: Waterstone Condominiums

Business Location: Vallejo, California

Brief Description of Business:

Nature of product or service: Waterstone is a 180 unit condominium property in Vallejo, CA. The project provides affordable homeownership opportunities in an in-fill San Francisco Bay Area location close to commuting routes, neighborhood retail, and schools. The studio, one, two, and three bedroom units are priced at an average of $186,000. At this average price, units are affordable to families earning 70% to 88% of Solano County area median income.

Business Model: Conversion from rental to condo.

Market Being Served: Regional

Description of Community Benefits:

1) Located in a priority low- and moderate-income neighborhood.

2) Providing much needed entry-level homeownership opportunities to families earning between 70% to 88% of the area median income.

3) Infill housing location, which will help the jobs/housing imbalance in the region, as well as reducing the growth pressure on open space, while capturing the value of existing infrastructure.

Milestones Attained: To date, all 180 units have been reserved, 126 units have closed escrow.

Posted on 05/12/05

XDx

BACIN Investor: Bay Area Equity Fund: A Double Bottom Line Fund

Business Name: Expression Diagnostics (XDx Inc.)

Business Location: South San Francisco, California

Brief Description of Business:

Nature of product or service: XDx is a novel molecular diagnostics company whose mission is to improve patient care by developing molecular diagnostics that translate an individual߰s immune status into clinically actionable information. Using genomic techniques and the results from a major clinical study, XDx has developed an accurate blood-based diagnostic test to detect rejection in heart transplant patients. XDx plans to develop similar tests for lung transplants, and possibly other organ transplants and autoimmune disorders.

Business Model: Sales of diagnostic tests to hospitals and clinics.

Market Being Served: National

Description of Community Benefits:

1) High level of benefits for employees, including stock options, 90% co-paid healthcare insurance, 401K plan and optional life insurance.

2) Extensive internal training.

3) Financial education provided for employees.

4) Participates in the South Bay BioTech Run and the Providian Relay Race for Organ Donation.

5) Will work with the Bay Area Council to source low- and moderate-income employees for a number of new test accessioning and lab technician positions.

Projected Growth: Increase domestic commercial sales and expand to global markets.

Milestones Attained: Completed clinical trials and initiated domestic commercial sales.

Posted on 01/31/05

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