Housing Trust Silicon Valley announced that its TECH (Tech + Equity + Community + Housing) Fund has grown to $12.5 million with a new $5 million investment from The David and Lucile Packard Foundation. The Housing Trust seeks to raise $50 million for the TECH Fund, a loan fund through which startup capital will be provided to help build an anticipated 10,000 affordable homes in the Bay Area during the next 10 years. During the course of the 10-year investment period, the initial $50 million TECH Fund will ultimately invest $150 million in lending capital for affordable housing development in the region.
The Bay Area’s housing situation has been referred to as the local crisis of our time. The supply of accessible, affordable housing in the Foundation’s local communities has plunged to a perilous level, and the implications for the region’s quality of life are extensive and widespread. The Foundation was compelled to respond to the community’s needs, and the TECH Fund is an effective vehicle to make progress.
The Foundation joins with the Cisco Foundation and The Sobrato Family Foundation, early investors in the TECH Fund, leading the way for others to contribute solutions to the region’s housing crisis. Click here to read the announcement released by Housing Trust Silicon Valley.