The Housing Trust Silicon Valley has announced a $10 million investment from LinkedIn in support of efforts to get high-tech organizations, large employers, and philanthropists involved in creating affordable housing in the Bay Area.
The investment will benefit the trust's TECH (Tech + Equity + Community + Housing) Fund, which was launched earlier this year to help affordable housing developers with their short-term capital needs so that they are able to compete more effectively with market-rate developers. Part of the investment already is being utilized by Palo Alto Housing to purchase a site in Mountain View where it plans to build seventy new affordable apartments and twenty homes dedicated to permanent supportive housing. Housing Trust was able to close the loan within a month and lock down the site.
With the commitment, LinkedIn's support for the fund now totals $30 million.
"It's great to see a local company with such global influence step up and make a clear commitment to addressing the affordable housing crisis in our region," said Mountain View mayor Ken Rosenberg. "I hope that LinkedIn's investment in the Housing Trust TECH Fund will be the example for other tech companies to follow in that it provides a real, tangible starting point for developers to make the choice to build housing that is accessible to everyone."
"We must all take ownership of the affordable housing crisis in the Bay Area and invest in compassionate solutions," said Katie Ferrick, head of community affairs at LinkedIn. "This partnership with Housing Trust through the TECH Fund is a creative way to make community impact investing a viable way for companies to address the need for housing."