Housing Trust Silicon Valley, a nonprofit community development financial institution, has announced a $50 million investment from Google in support of affordable housing in the Bay Area.
The largest investment in the TECH (Tech + Equity + Community + Housing) Fund since the fund's launch in 2017 will support Housing Trust Silicon Valley's efforts to provide developers of affordable housing with the flexible financing needed to compete for sites on the open market. Part of a $1 billion commitment in support of affordable housing announced by the tech giant in June, the investment is the first from a $250 million investment fund created by the company to help incentivize developers to build at least five thousand affordable housing units across the region.
With the $112 million raised to date, the TECH Fund has enabled the creation of 2,255 homes across twenty developments in Silicon Valley through the purchase of land, construction of new homes, and preservation of existing homes. Most of the homes are earmarked for households earning no more than 60 percent of the area's median income.
"As part of our $1 billon housing commitment, we've been looking for ways to address the affordable housing crisis in the Bay Area," said Google CEO Sundar Pichai. "Housing Trust Silicon Valley provided us with the perfect opportunity to do that through their TECH Fund, which uses critical capital to break down barriers to building affordable housing. We are proud to be the fund's largest investor to date and look forward to working together to create housing for those who need it most."