Housing Trust Silicon Valley, a nonprofit community development financial institution, has announced commitments totaling $20 million from Cisco, LinkedIn, and Pure Storage in support of affordable housing initiatives in the region.
The investment will benefit the organization's TECH (Tech + Equity + Community + Housing) Fund, which was launched in March 2017 to help meet the short-term capital needs of affordable housing developers, enabling them to compete more effectively with market-rate developers. The latest commitments include $10 million from Cisco and $5 million each from LinkedIn — which invested $10 million in the fund in 2017 — and Pure Storage, boosting total investment in the fund to $52 million.
Established to create ten thousand affordable housing opportunities over its first decade, the fund has already started building about fifteen hundred homes in fifteen developments — with more than half the units designated for families, a third for the homeless and/or permanent supportive housing, and one in five for seniors. Most of the homes are targeted to households earning no more than 60 percent of the area median income (AMI).
"We're thankful to Pure Storage for joining forces with LinkedIn and Cisco to make a greater impact," said Julie Mahowald, Housing Trust Silicon Valley's acting CEO. "TECH Fund has now passed $50 million, laid the groundwork for fifteen hundred affordable homes, and momentum is building in our efforts. Imagine how much further we can go if more organizations step in."