In May 2012, SFCLT acquired its second property. SFCLT closed escrow just before the 10-unit property was scheduled for public foreclosure auction in April 2012, and the house officially became SFCLT's first resident operated non-profit cooperative in January 2013! The residents first approached SFCLT in early 2011 when the owners were trying to buy them out in order to sell the property. Meanwhile, the owners stopped paying their monthly mortgage payments. Over the course of a year, SFCLT helped educate and build capacity with the residents through its education and outreach program, funded by the Mayor's Office of Housing, the San Francisco Foundation, and the Levi Strauss Foundation. The mortgage was provided by Clearinghouse CDFI, a Community Development Financial Institution that provides affordable financing for innovative economic opportunities that improve the quality of life for lower-income individuals and communities that would otherwise not be able to experience these opportunities in the conventional market. The remaining funding came from SFCLT and individual lenders who provided short-term bridge loans for the down payment and closing costs.