At Investor Briefing 2017, Cisco’s Randy Pond helped Housing Trust introduce the TECH Fund and challenged likeminded companies in our community to follow Cisco’s example and invest in the fund. Read More
The following op/ed was written for the San Jose Mercury News by Housing Trust CEO Kevin Zwick
Thanks to the supermajority of voters who recognized that our region’s affordable housing crisis needed a game-changing strategy, the County of Santa Clara will soon have the first of $950 million in Measure A resources to build or preserve up to 5,000 affordable rental homes and to help moderate income families – as many as 1,000 in the first 10 years – become first-time homebuyers.
This is a stunning accomplishment that all of us who worked so hard to support Measure A should continue to celebrate. But now our real work begins in leveraging how these funds can have maximum impact.
It is estimated that SantaClara County needs more than $250 million a year for new affordable housing to meet the needs of extremely low and low income residents. Measure A will not get us all the way there, so at the top of the 2017 to-do list should be serious consideration of ways to supplement these taxpayer funds with investments by the private sector.
It is not easy, but it can be done.
Over the past 16 years the Housing Trust has raised and deployed $144 million, allowing our borrowers to leverage $2.1 billion in other funding, all to create affordable housing. Two thirds of the Housing Trust’s capital has been raised from theprivate sector, demonstrating that corporate and financial leaders are also concerned about the region’s housing crisis and willing to engage in solutions.
The second action item is to create a workable model of sustainable home ownership for first-time buyers. The bulk of Measure A funds will be dedicated for those most in need – homeless individuals and families, seniors, veterans, those with special needs and the working poor – but it also includes $50 million to help moderate-income families ($84,900-128,500 for a household of four) become first-time homeowners.
For many, the biggest obstacleto home ownership is having enough money saved for the down payment and closing costs. When cities were flush with redevelopment funds for affordable housing, many had programs to help their residents bridge this gap for moderate-income buyers. Those are gone and need to be replaced.
But first-time homebuyers have needs beyond cash in hand to close the deal. They need someone looking out for their best interests so that they don’t find themselves committed to a financial obligation they cannot sustain.
Anxious new homebuyers who are stretching financially to buy a home need education, counselingand loan products that provide them with consumer protection.
Many in our community responded to the call to action to get Measure A on the ballot and approved. Our job is not done, but just getting started.
I can promise that the Housing Trust will be raising its hand to help maximize the impact of Measure A, and I encourage all of our public, private and community partners to do the same. Let’s put our Silicon Valley ingenuity to its best use – helping thousands of our fellow residents have a place to live they can afford.
Neighborly, a San Francisco based public finance startup, recently announced HTSV as one of the six winners of its Neighborly Bonds Challenge at the Bond Buyer’s California Public Finance Conference. The winners, which include Housing Trust of Silicon Valley, will receive technology led municipal bond financings for our projects.
Challenge winners were chosen based on project innovativeness, community impact, credit quality, and civic engagement of local residents, and were drawn from more than $100 million of proposed issuances. The winners span a broad range of use cases including energy, sustainability, water infrastructure, economic development and affordable housing.
Read the full press release: Neighborly Bonds Challenge Press Release
July 12, 2016
Contact: Jodi Nunes
FOR IMMEDIATE RELEASE
Monterey Bay Housing Trust established to help fund affordable housing projects in three counties
Marina, California (July 12th, 2016) The Monterey Bay Housing Trust has been established as a $10 million loan fund for the development of affordable housing projects in the counties of Monterey, San Benito and Santa Cruz.
The Trust is a collaborative effort of the Monterey Bay Economic Partnership (MBEP) and Housing Trust Silicon Valley. MBEP is committed to raising $2 million in donations (the first $500,000 of which is already committed) that will be matched with funds from Housing Trust Silicon Valley lending capital in a four-to-one ratio. As loans made to affordable housing developers are repaid from construction financing, Monterey Bay Housing Trust funds will be re-invested in other new projects in the three-county region, leveraging the $10 million fund many times over.
“We feel it is absolutely critical to bring resources into our region that can improve the supply of available housing,” said Bud Colligan, Co-Chair of MBEP. “A thriving region is at the core of our mission and we know that having an affordable place to call home is an integral part of achieving that.”
“Housing Trust Silicon Valley is pleased to work with MBEP to promote affordable housing in the Monterey Bay Region,” said Kevin Zwick, CEO of the Housing Trust. “These communities have been underserved by CDFIs (Community Development Financial Institutions) and the current housing shortage has escalated the need for new models of lending. With our solid banking relationships and outstanding credit rating, the Housing Trust is in a perfect position to market to affordable housing developers and manage the loan program.”
Following a similar trend throughout the San Francisco Bay area, housing costs in Monterey, San Benito and Santa Cruz counties have increased significantly and are still expensive when compared to other parts of California and the U.S. In the City of Monterey, the average price for a home this spring rose to $709,000 and in Santa Cruz, a closer commute to Silicon Valley, the county’s median home price rose to $805,500, an all-time high. A one-bedroom apartment rental can be close to $2,000 a month and an extremely low vacancy rate (about 1%) keeps rents on the rise.
The Monterey Bay Housing Trust is an integral part of MBEP’s overall housing initiative, which also includes a broad housing advocacy coalition and a showcase of best practices for employer sponsored housing projects. For additional information on MBEP’s housing initiative or to make a donation to the Monterey Bay Housing Trust, contact MBEP Program Manager, Jodi Nunes. For information on how to apply for financing for an affordable housing project, contact Housing Trust Silicon Valley’s Chief Lending Officer, Jim Mather.
About MBEP www.mbep.biz The Monterey Bay Economic Partnership (MBEP) is a regional 501c(3) nonprofit, membership organization consisting of public, private and civic entities located throughout the counties of Monterey, San Benito and Santa Cruz. MBEP’s mission is to create a thriving region with quality jobs, excellent education and health care, and a high quality of life for all residents while preserving the natural beauty and healthy lifestyle we all share.
About Housing Trust Silicon Valley www.housingtrustsv.org The Housing Trust was formed by community and corporate leaders in 2000 with the goal of making Silicon Valley a more affordable place to live. It makes loans and grants to increase the supply of affordable housing, assists first-time homebuyers, prevents homelessness and stabilizes neighborhoods. Housing Trust Silicon Valley has invested over $100 million in affordable housing solutions to date and created more than 13,000 affordable housing opportunities. In 2015, Housing Trust Silicon Valley became the first nonprofit Community Development Financial Institution (CDFI) in the U.S. to earn a credit rating from Standard & Poor’s Ratings Services. It was awarded an AA- rating because of its strong capacity to meet financial commitments.
For Immediate Release
July 7, 2016
Contact: Diane McNutt, McNutt & Company, Inc.
408-354-1242 or firstname.lastname@example.org
NeighborWorks America selects San Jose resident Kevin Zwick for NeighborWorks Achieving Excellence Program, in collaboration with Harvard University
Program offers leaders high-level coaching to advance organization’s performance and capacity
[San Jose, CA] —NeighborWorks America is proud to announce that Kevin Zwick, CEO of Housing Trust Silicon Valley in San Jose is one of 50 leaders selected for the NeighborWorks Achieving Excellence Program, conducted at the John F. Kennedy School of Government at Harvard University.
The NeighborWorks Achieving Excellence Program, made possible in part by generous support from sponsor the JPMorgan Chase Foundation, is an 18-month program that equips executives with the skills to advance their organizations’ performance. Each participant identifies and clearly defines a specific challenge critical to their organization’s success then spends the program addressing that challenge.
“I’m very honored to have been selected to take part in this program,” said Zwick. “The need for affordable housing has reached a crisis level in Silicon Valley, and it will require nonprofit organizations to build our capacity to take on transformational change. This program will help equip us to take on these challenges.”
Kevin has led Housing Trust Silicon Valley since October 2008, and previously worked as Director of Housing Development and Deputy Executive Director of Affordable Housing Associates. He has nearly 20 years of affordable housing experience. Kevin received a Master’s Degree in nonprofit administration (MNA) from the University of San Francisco, and graduated from the University of California at Berkeley with a degree in Sociology.
The only comprehensive training of its kind, Achieving Excellence includes three formal sessions at Harvard University’s John F. Kennedy School of Government, as well as executive coaching, intensive peer learning and guidance from author and consultant Douglas K. Smith. The first session at Harvard University will take place in August 2016, with additional sessions planned for February and September 2017 plus a graduation and final session together with program alumni. Between academic sessions, participants will actively work on a clearly-defined goal critical to their organization’s success and will be working closely with their executive coach and peer group.
“The Achieving Excellence Program equips leaders with the tools to build stronger organizations—more engaged and results-oriented staff and board members working to achieve even greater impact in their communities. This not only affects the organizations and communities but also results in a stronger pipeline of energized leaders throughout the nonprofit sector,” said Christina Deady, senior director of leadership and workforce development at NeighborWorks America
Achieving Excellence has graduated 325 executive directors, CEOs and other senior leaders since the program began in 2002, with astounding results from each class. Independent evaluations have shown tremendous results for organizations that have participated in this program.
In an impact evaluation of a recent class of the NeighborWorks Achieving Excellence Program, 72 percent created positive change in their communities, 77 percent raised staff performance and morale, and 100 percent improved organizational strength and results. .
For more information about the NeighborWorks Achieving Excellence Program, go to www.neighborworks.org/ae.
About Housing Trust Silicon Valley
The Housing Trust was formed by community and corporate leaders in 2000 with the goal of making Silicon Valley a more affordable place to live. It makes loans and grants to increase the supply of affordable housing, assists first-time homebuyers, prevents homelessness and stabilizes neighborhoods. Housing Trust Silicon Valley has invested over $100 million in affordable housing solutions to date and created more than 13,000 affordable housing opportunities. In 2015, Housing Trust Silicon Valley became the first nonprofit Community Development Financial Institution (CDFI) in the U.S. to earn a credit rating from Standard & Poor’s Ratings Services. It was awarded an AA- rating because of its strong capacity to meet financial commitments.
About NeighborWorks America
For more than 35 years, NeighborWorks America, a national, nonpartisan nonprofit, has created opportunities for people to improve their lives and strengthen their communities by providing access to homeownership and to safe and affordable rental housing. In the last five years, NeighborWorks organizations have generated more than $27.2 billion in reinvestment in these communities. NeighborWorks America is the nation’s leading trainer of community development and affordable housing professionals.
The Santa Clara County Board of Supervisors is moving forward with a poll to gauge public interest in a potential sales tax that would create a new source of funding for homelessness assistance programs.
Local radio host Sam Van Zandt welcomed Housing Trust Silicon Valley’s CEO Kevin Zwick to his Sunday morning public affairs show, South Bay Sundays. Hear what Kevin and Sam have to say about the current state of affordable housing, and what measures are underway to improve it.
Housing Trust Silicon Valley is excited to announce California’s newly elected State Treasurer John Chiang as a featured speaker at our 2015 Investor Briefing on Friday April 17th, 2015 at the Santa Clara Convention Center. Don’t miss this special event, which will commemorate Housing Trust’s fifteenth year of service to our community.
Join us to hear from Treasurer Chiang and others on the state of affordable housing in our community, as well as an overview of Housing Trust’s progress on our mission to make Silicon Valley a more affordable place to live.
Get your ticket today!
Housing Trust Silicon Valley will be celebrating our 15th anniversary and hosting our 2015 Investor Briefing on Friday April 17th 2015 at the Santa Clara Convention Center from 11:30am to 1:00pm. Read More
Housing Trust is deeply grateful to the San Jose City Council, led by Vice-Mayor Mayor Madison Nguyen, Mayor-elect Sam Liccardo, and councilmembers Donald Rocha, Ash Kalra, Xavier E. Campos, Kansen Chu and Rose Herrera, for passing a $17 per square foot Housing Impact Fee that, when fully implemented, will raise $25 to $30 million a year in support of affordable housing. This vote marks the culmination of two years of community effort, and Housing Trust would like to recognize the city council and the City of San Jose Housing Department staff, in particular Leslye Corsiglia and Jacky Morales-Ferrand for working tirelessly to craft a thoughtful, fair, and impactful policy that protects residential development in the pipeline and will create a significant amount of affordable housing. We are excited to move forward with the support of the Housing Impact Fee, and create even more opportunities for Silicon Valley residents of all income levels to live here affordably.
Housing Trust is very proud and grateful to be the recipient of a $1 million grant from the California Dept. of Housing & Community Development‘s Local Housing Trust Fund Program! We’d like to congratulate fellow awardee Jerry Rioux and the San Luis Obispo County Housing Trust Fund, as well as thank Assembly-member Rich Gordon for authoring AB 532, the bill which made this program possible.
Housing Trust Silicon Valley invites eligible non-profit entities to submit applications for Youth Shelter Capital Facilities Program (YSCEFP) funds that may be used for: 1) acquisition, 2) rehabilitation/renovation, 3) construction, 4) equipment replacement, or 5) furniture and fixtures.
Housing Trust Silicon Valley is proud to assist cities in preserving housing for low- to moderate-income households through municipal jurisdiction sponsored Housing Rehabilitation Programs.
Housing Trust Silicon Valley welcomes Supervisor Cindy Chavez and George Brown to our Board of Directors.
Santa Clara County’s 2014 Affordable Housing Week will take place from Friday, May 16th to Friday, May 23rd. Affordable housing partners throughout the county will be hosting events that highlight the need for affordable housing and their work to satisfy that need.
Silicon Valley Business Journal reports on the findings of Housing Trust Silicon Valley’s white paper on the state of affordable housing.
The combination of rising rents and growing numbers of low income earners in the San Jose metropolitan area has created an urgent need to make affordable housing available throughout Santa Clara County.
In an effort to offer real solutions to the affordable housing problem, the Cities Association of Santa Clara County and Housing Trust Silicon Valley (HTSV) have authored the whitepaper “Affordable Housing Landscape and Local Best Practices” which suggest five strategies to address the affordable housing funding crisis.
Mercury News: Report says big fund increase needed to meet region’s affordable housing shortfall.
KTVU Channel 2 News reported on the current state of affordable housing and featured findings from Housing Trust Silicon Valley’s recent study.
Housing Trust Silicon Valley CEO Kevin Zwick and NHSSV’s Matthew Huerta comment on the struggle first-time homebuyers face in the Bay Area.
Housing Trust Silicon Valley CEO Kevin Zwick and director of policy and research for the San Jose public policy group Working Partnerships USA, Bob Brownstein authored an Opinion piece in the San Jose Mercury News in support of inclusionary zoning.
Collected Questions through August 21st related to the San Jose NSP2 Consortium Multifamily Development NOFA.
NOFA Amendment #1 revises the green building requirements and scoring criteria.
Amendment #1 revises the green building requirements and scoring criteria.
The Consortium invites eligible non-profit and for-profit development entities to submit applications for federal Neighborhood Stabilization Program 2 (NSP2) funds that may be used for activities serving low-income households earning at or below 80% of AMI. Under this NOFA the Consortium will make available approximately $4 million in the form of development loans for acquisition and rehabilitation or development of vacant land within the 35 NSP2 eligible census tracts in the City of San Jose. These funds shall be used for permanent housing only. Fillable application and spreadsheet forms are available from Julie Quinn, at email@example.com.