22 Aug

Housing Trust Silicon Valley TECH Fund Campaign Reaches $20 Million Milestone

Affordable housing projects underway with new investments by corporate, philanthropic foundations

Housing Trust Silicon Valley achieved a significant milestone in its goal to help build or preserve 10,000 affordable homes in the coming decade as its TECH Fund campaign reached $20 million in commitments.

The TECH (Technology + Equity + Community + Housing) Fund was announced in March with an initial investment of $2.5 million from the Cisco Foundation, which also promised to increase its commitment to as much as $10 million as other corporations and foundations followed its lead. Cisco honored that promise this month after the Sobrato Family Foundation and the David and Lucile Packard Foundation each invested $5 million in the Fund.

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18 Aug

Monterey Bay Housing Trust Exceeds Funding Goal

Marina, CA (August 17, 2017) The Monterey Bay Housing Trust, a collaborative effort of the Monterey Bay Economic Partnership (MBEP) and Housing Trust Silicon Valley, announced today it has exceeded its initial goal of raising $10 million. The fund was established for the development of affordable housing projects in the counties of Monterey, San Benito and Santa Cruz.

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10 Aug

Monterey Bay Housing Trust loan jump starts permanent supportive housing in Santa Cruz

MARINA, CA (August 4, 2017) The Monterey Bay Housing Trust, a joint program of the Monterey Bay Economic Partnership and Housing Trust Silicon Valley, today announced it is providing a $200,000 loan to New Ways Homes for 180/2020 Permanent Supportive Housing to jumpstart the construction of new supportive housing for homeless individuals in Santa Cruz County.

The new development will create as many as 100 new studio apartments for extremely low income individuals, including veterans, who have been chronically homeless. On-site supportive services will help residents use stable, 24/7 housing as the first step to getting their life back on track. Read More

13 Jul

Housing Trust Silicon Valley’s TECH Fund now totals $12.5 million with $5 million investment from the David and Lucile Packard Foundation

Silicon Valley is in the throes of a housing crisis that is having a devastating effect on low and middle-income families. There are not nearly enough affordable homes in the region. Many people must spend much of their income on housing, or they are forced to move away.

Philanthropy is looking for creative ways to help address the crisis. One novel approach is to use financial markets to provide funding to develop affordable housing. The Housing Trust Silicon Valley’s TECH Fund has announced that it has now raised $12.5 million, thanks to a $5 million investment from The David and Lucile Packard Foundation. Read More

20 Jun

Monterey Bay Housing Trust Funds First Affordable Housing Loan to CHISPA

Contact:
Kate Roberts, Monterey Bay Economic Partnership, kroberts@mbep.biz
Julie Quinn, Housing Trust Silicon Valley, julie@housingtrustsv.org

Monterey Bay Housing Trust Funds First Affordable Housing Loan to CHISPA

Marina, CA (June 20, 2017) The Monterey Bay Housing Trust (MBHT), a joint program of the Monterey Bay Economic Partnership (MBEP) and Housing Trust Silicon Valley, announced today its first loan — $500,000 to Community Housing Improvement Systems & Planning Association, Inc. (CHISPA) to assist in the development of the Castroville Oaks Affordable Housing Community. Funds will be used for design, environmental review, and other pre-development expenses, allowing construction to begin in 2019.

Castroville Oaks includes 124 apartments and approximately 90 homes on a 44-acre site near the intersection of Highway 156 and Castroville Boulevard. The apartments will serve very low and low income families, and the homes will be sold to moderate income households. Read More

07 Jun

New investments by local banks double capacity of loan pool for affordable housing

A second round of funding from local banks is adding $6.3 million to the Housing Trust Silicon Valley 2015 Loan Pool that will help affordable housing developers expand multifamily housing opportunities in the Silicon Valley/Bay Area region.

The initial 2015 Loan Pool was launched in 2015 with $7.8 million and has been used for financing 280 affordable homes.  The new investment, plus a $2 million commitment from the Housing Trust, brings the total in the pool to $16.1 million that will be used to fund acquisition, predevelopment, bridge and construction loans for affordable housing. Read More

26 May

Sobrato follows Cisco with $5 million investment in Bay Area affordable housing

FOR IMMEDIATE RELEASE
May 26, 2017

Contacts:
Jenifer Thom, jthom@spitfirestrategies.com, 415-495-4200 x112
Julie Quinn, julie@housingtrustsv.org, 408-436-3450 x223

Sobrato Family Foundation Invests $5 Million for Bay Area Affordable Housing

Foundation is second investor in the Bay Area to lend capital to develop 10,000 affordable homes

CUPERTINO, CA—The Sobrato Family Foundation announced a $5 million investment in the TECH Fund campaign, supporting the creation of 10,000 affordable homes over the next 10 years throughout the Bay Area. Foundation funds will be focused on San Mateo, Santa Clara and Southern Alameda counties. Read More

13 Apr

Santa Clara County allocates additional $11.9 million in Housing Trust Silicon Valley’s Supportive Housing Fund

Revolving fund helps affordable housing developers get much-needed projects underway

The Santa Clara County Board of Supervisors has approved an additional $11.9 million allocation for the Housing Trust Silicon Valley’s Supportive Housing Fund to help affordable housing developers acquire land and pay predevelopment costs for new projects.

The additional funds more than double the capacity of the Supportive Housing Fund which launched in August 2015 with $5 million from the County that the Housing Trust matched with an additional $5 million. The initial $10 million fund has been entirely committed to five loans that support the construction of 272 homes of which 178 will be permanent supportive housing or temporary housing units for homeless individuals and families.  These loans will be repaid to the revolving fund over the next two to three years, but in the meantime, the new County investment will provide immediate capital for more affordable housing projects.

“It is extremely difficult for affordable housing developers to compete with builders of market rate homes in acquiring land,” explained Kevin Zwick, CEO of the Housing Trust.  “The Supportive Housing Fund is a critical tool in creating a pipeline of new affordable housing opportunities that are so desperately needed in our region.”

This new allocation is the latest step in the partnership between the County’s Office of Supportive Housing and Housing Trust Silicon Valley.  Staff members from both organizations serve on the loan committee to ensure the County funds are used to support projects that align with the County’s housing priorities, including Measure A, the $950 million affordable housing bond approved by voters in November.  The Housing Trust administers the loan program.

“The County of Santa Clara is pleased to continue our partnership with the Housing Trust in meeting our shared goals of developing supportive housing,” said Ky Le, Director, Office of Supportive Housing. “We look forward to expanding the resources necessary to create thousands of housing opportunities for our most vulnerable residents.”

The success of the Supportive Housing Fund inspired the development of another Housing Trust program designed to help the start up of new developments across all levels of affordability. In March, Housing Trust Silicon Valley announced the launch of a new TECH Fund campaign that provides tools for local corporations and foundations to pool some of their investment dollars in a $50 million fund for affordable housing developments.

“The solution to the housing crisis in our region lies in investments from both public and private sources where everyone in the community works together to make a difference in the lives of our residents who struggle to find and keep housing they can afford,” Zwick said.

Since 2000, Housing Trust Silicon Valley has invested $131 million in multi-family lending, home ownership and homelessness reduction programs that created 14,858 affordable housing opportunities. It is the first nonprofit Community Development Finance Institute (CDFI) to receive a Standard & Poor’s rating.  More information about the Supportive Housing Fund and Housing Trust Silicon Valley can be found at HousingTrustSV.org.

28 Mar

Housing Trust Silicon Valley launches TECH Fund campaign

Housing Trust Silicon Valley launches new TECH Fund campaign

Corporations, foundations invited to invest in local affordable housing developments

Housing Trust Silicon Valley has launched the new TECH Fund campaign that will allow local corporations and foundations to invest in affordable housing developments that will add or preserve 10,000 homes in the region over the next 10 years.

Cisco Foundation has already signed on as the initial investor with a $2.5 million commitment and a stated willingness to increase its investment to as much as $10 million in the coming months to help the Housing Trust meet the $50 million goal for the fund’s first round.

“The housing crisis has created horrendous traffic and untenable situations for families,” said Randy Pond, Secretary and Board Member of the Cisco Foundation.  “We need to come together as a community to solve these issues – and they are solvable.  Now is the time for the private sector to step up.”

Corporations can participate in the TECH (Tech+Equity+Community+Housing) Fund by investing in a community impact note.  They can choose between a five-year note at 1.5% interest or a 10-year note at 2% interest.  Foundations can make a program-related investment or invest in the community impact note.  All investments will be repaid in full at the end of maturity, and investments in the TECH Fund are backed by the Housing Trust’s AA- Standard & Poor’s rating.

“The TECH Fund provides the Housing Trust with additional lending capital that we can use to help affordable housing developers acquire property for new multi-family construction,” explained Kevin Zwick, Housing Trust Chief Executive Officer.  “It is an innovative tool that will jump-start new housing projects that will build a pipeline to take advantage of County funds generated from Measure A, as well as other local and state financing. “

“The housing crisis in our region is not going to dissipate,” he added.  “It is taking a toll on the quality of life of thousands of our residents, harming our environment with traffic-generated air pollution, and threatening the economic sustainability of our region.  This is an opportunity for corporations and foundations to invest in solution that will make a difference.”

Since 2000, Housing Trust Silicon Valley has invested $131 million in multi-family lending, home ownership and homelessness reduction programs that created 14,858 affordable housing opportunities. It is the first nonprofit Community Development Finance Institute (CDFI) to receive a Standard & Poor’s rating.

 

 

 

24 Feb

Three business leaders join Housing Trust Silicon Valley Board

Architect Thang Do of Aedis Architects, Katia Kamangar of SummerHill Housing Group and Joe Anzalone of Tech CU are now part of the 18-member Board that oversees the Housing Trust’s loan, grant and assistance programs and its advocacy efforts to increase the supply of affordable housing in the Bay Area.
“We welcome the experience and expertise of these three individuals who, through their professional and personal activities, have already demonstrated a commitment to helping people in our area have access to safe, stable, and high quality housing they can afford,” said Candice Gonzalez, Board Chair.

 

Thang Do is President of Aedis Architects and founder of SoFA Market, an urban food hall in San Jose’s emerging SoFA Art District. He is past Chair of the City of San Jose Planning Commission, a former member of the San Jose Architectural Review Committee and serves on the boards of SPUR San Jose and San Jose Museum of Arts. He specializes in urban design issues and sustainable environmental design practices.
As a partner at SummerHill Housing Group, Katia Kamangar leads all new community development activities for SummerHill Homes and SummerHill Apartment Communities in Northern California. Her previous experience includes 10 years with Greenbriar Homes Communities Inc. and as a construction project manager for Mobil Oil Corporation. She is a past member of the City of Los Altos Planning Commission and former board member of the Building Industry Association Bay Area.

Joe Anzalone is Executive Vice President/Chief Commercial Banking Officer at Tech CU. His previous banking experience includes more than 20 years in executive positions at New Resource Bank in San Francisco, Silicon Valley Bank and Legacy Bank in Campbell. He is also the founder of Allegiant Ventures, a technology venture fund, and past President and COO of MediaG3, a broadband wireless provider.
“Our Board brings incredible knowledge and skills to the Housing Trust, as well as diverse perspectives that help us set challenging strategic goals,” said Kevin Zwick, Housing Trust CEO. “We are so fortunate to have their talents working on our behalf.”
25 Jan

Private Dollars Needed to Bolster County Housing Bond

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.

03 Oct

Housing Trust Silicon Valley Wins Neighborly Bonds Challenge

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

02 Sep

Monterey Bay Housing Trust established to help fund affordable housing projects in three counties

July 12, 2016
Contact: Jodi Nunes
Ph. 401-678-0037
jnunes@mbep.biz

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.

 

07 Jul

HTSV CEO Kevin Zwick Selected for NeighborWorks Achieving Excellence Program

For Immediate Release
July 7, 2016
Contact: Diane McNutt, McNutt & Company, Inc.
408-354-1242 or mcnuttco@aol.com

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.

15 Jan

State Treasurer Chiang Joins Housing Trust Silicon Valley Investor Briefing

TJC photoHousing 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!

Eventbrite - Housing Trust Silicon Valley 2015 Investor Briefing

08 Dec

November 19, 2014 — San Jose City Council Votes on Housing Impact Fee

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.

04 Dec

December 4, 2013 — White Paper on the State of Affordable Housing in Santa Clara County

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.

17 Jul

July 17, 2013 — San Jose NSP2 Consortium Multifamily Development NOFA

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 julie@housingtrustsv.org.