SAN JOSE — Housing Trust Silicon Valley, a nonprofit community development financial institution (CDFI) focused on affordable housing in the greater Bay Area, is announcing a significant new investment in its TECH Fund, which was created to enable philanthropists and Bay Area employers to be a part of the affordable housing solution. The new investment is $10 million from NetApp – bringing the total in the fund to $62 million.
TECH Fund was launched in March 2017 to address a key barrier to building affordable housing. It provides flexible financing to allow affordable housing developers to compete for sites on the open market that may otherwise go to market-rate homes or offices. These funds have been used to purchase land next to transit in downtown San Jose, close to jobs in Mountain View, preserve and rehab existing properties occupied by low-income residents in Redwood City, and other endeavors.
Built initially to create 10,000 affordable housing opportunities in the first ten years, TECH Fund has already started up 2,040 homes across 18 developments in Silicon Valley – with more than half for families, a third for the homeless and/or permanent supportive housing, and one-in-five for seniors. Most homes are aimed at those earning 60 percent of the area median income (AMI) or less.
“It is going to take all of us – elected officials, philanthropists, and business leaders – working together to solve our housing crisis,” said Assemblymember David Chiu (D-San Francisco). “It is heartening to see some of our largest companies stepping up to help address our region’s greatest challenge. This investment will make it possible for more people to find an affordable home in the Bay Area.”
“NetApp believes in helping the communities where we live and work. Our investment in the TECH Fund is an important way for us to give back to the community that has been our home for 25 years,” said George Kurian, Chief Executive Officer and President, NetApp. “We are proud to be able to contribute to the TECH Fund to address the affordable housing challenge and make a meaningful impact in a key area of basic human needs.”
“Since 2000, Housing Trust Silicon Valley has partnered with investors to create affordable homes and preserve the vibrancy of our region,” said Kevin Zwick, CEO of Housing Trust Silicon Valley. “We are grateful for companies like NetApp who are devoted not only to providing more opportunities to the current workforce, but also empowering future growth of the greater Bay Area.”