Launched earlier this year, HTSV's TECH (Tech + Equity + Community + Housing) Fund aims to raise $50 million in startup capital for the development of ten thousand affordable homes in the Bay Area over the next ten years. The Packard Foundation's investment in the fund, which gives investors the option of purchasing a Community Impact Note — a five-year note at 1.5 percent interest or a ten-year note at 2 percent interest — or making a program-related investment, brings the total raised to date to $12.5 million. Other early investors in the fund include the Cisco Foundation, which has committed $2.5 million, with a promise to consider matching up to $10 million from other investors, and the Sobrato Family Foundation, which has invested $5 million in the fund.
"The Packard Foundation is deeply committed to making our local communities strong and vibrant," said Packard Foundation president and CEO Carol Larson. "The lack of accessible, affordable housing in Silicon Valley is a threat to the social fabric and economic stability of these communities. This is a pivotal moment for action. Investing in the TECH Fund is an important pathway towards housing crisis solutions."
"We are thrilled that the Packard Foundation is joining in our efforts to bring new players to affordable housing finance," said Housing Trust CEO Kevin Zwick. "The housing crisis in our region affects everyone's quality of life and this is an opportunity to invest in a solution that will make a meaningful difference."