Google is investing $50m in Housing Trust Silicon Valley’s TECH Fund.
Launched in March 2017 by Housing Trust Silicon Valley with commitments from the Cisco Foundation, Google, Grove Foundation, LinkedIn, NetApp, the David and Lucile Packard Foundation, Pure Storage and Sobrato Family Foundation, the TECH (Tech + Equity + Community + Housing) Fund provides affordable housing developers the financing needed to compete for sites on the open market.
The TECH Fund has already helped bring online 2,255 homes across 20 developments in Silicon Valley. This includes the purchase of land, construction of new homes, and preservation of existing homes for affordable housing that is close to job centers and transit options in San Jose, Mountain View, and other cities and towns in the region.
Over half of the homes TECH Fund has helped secure are designated for families, a third for the homeless and/or permanent supportive housing, and one-in-five for seniors.
Led by Kevin Zwick, CEO, Housing Trust Silicon Valley is a nonprofit community loan fund based in San Jose that works to improve quality of life low-income people in the greater Bay Area by increasing affordable housing opportunities.
Since 2000, Housing Trust has invested over $257 million in programs that help everyone from those experiencing homelessness to renters to first-time homebuyers – creating nearly 19,000 affordable housing opportunities serving over 34,000 of our neighbors.