“In 2012, Silicon Valley average rents reached a decade high of $1,966, a 10% increase over the prior year. Conversely, median household income continues to decline for the third consistent year, falling 3.8% in 2011 to a decade low. In 2011, the proportion of renters with housing costs greater than 35% of their income reached a peak of 39% in Silicon Valley, a trend mirrored in California by an increase of 46%.
Approvals for construction of new affordable housing in 2012 dropped to the lowest levels of the 15-year reporting period… The 83 approved new affordable housing units represented only 2% of total new residential units in 2012, a 68% drop from 2011.”
-- The 2013 Index of Silicon Valley published by Joint Venture SV and Silicon Valley Community Foundation
The Housing Trust is committed to the creation of affordable multifamily rental housing opportunities for our regions' low-income renters. Since 2002 we have helped finance affordable housing for seniors, families, those with special needs, and people transitioning from homelessness in Santa Clara County. With the introduction of our new Multifamily Loan Program our reach has expanded to the greater Silicon Valley. See our developer loan map for more details on where we've made investments throughout Santa Clara County.