Google is making a $50 million investment in Housing Trust Silicon Valley's TECH Fund.
SAN JOSE—Today, Google is making a $50 million investment in Housing Trust Silicon Valley's TECH Fund. Google's investment is the largest investment in the fund to date.
Housing Trust Silicon Valley launched the Tech + Equity + Community + Housing Fund in March 2017 to provide affordable housing developers the flexible financing needed to compete for sites on the open market–a key barrier to building affordable housing.
Google's investment will enable Housing Trust Silicon Valley to continue helping create and preserve affordable housing units across the Bay Area. This investment follows closely on Google's $1 billion commitment to invest in housing and the production of at least 20,000 homes in the Bay Area. It is the company's first investment from its $250 million affordable housing fund.
The investments in TECH Fund tend to be deployed quickly, which is a main reason why the initiative 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.
More than 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. Most homes are aimed at those earning 60% of the area median income or less.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
