Housing Trust Silicon Valley, a San Jose, California-based nonprofit community development financial institution (CDFI), in a recent press release statement, has announced a significant new investment in its TECH Fund, which was created with the idea to enable philanthropists and Bay Area employers to be a part of the affordable housing solution. The San Jose-based nonprofit has recently received $10 million in investment from NetApp Inc., a Sunnyvale, California-based hybrid cloud data services and data management company. With this recent new investment Housing Trust has raised in total $62 million in funding.
Housing Trust announced the TECH Fund investment program in March 2017 to address the key issue to building affordable housing in the Greater Bay Area region, by providing flexible financing options. TECH Fund allows affordable housing developers to compete for open market sites, which otherwise would go to market-rate homes or offices.
“It is going to take all of us – elected officials, philanthropists, and business leaders – working together to solve our housing crisis,” stated Assemblymember David Chiu (D-San Francisco). “It is heartening to see some of our largest companies stepping up to help address our region’s greatest challenge. This investment will make it possible for more people to find an affordable home in the Bay Area.”
“NetApp believes in helping the communities where we live and work. Our investment in the TECH Fund is an important way for us to give back to the community that has been our home for 25 years,” explained George Kurian, Chief Executive Officer and President, NetApp. “We are proud to be able to contribute to the TECH Fund to address the affordable housing challenge and make a meaningful impact in a key area of basic human needs.”
“Since 2000, Housing Trust Silicon Valley has partnered with investors to create affordable homes and preserve the vibrancy of our region,” stated Kevin Zwick, CEO of Housing Trust Silicon Valley. “We are grateful for companies like NetApp who are devoted not only to providing more opportunities to the current workforce, but also empowering future growth of the greater Bay Area.”