A $7.26 million loan to Palo Alto Housing Corporation for the purchase of a parcel of land in northwest Mountain View is the first step in the construction of 100 new affordable apartments for individuals and families.
The property is located in the Terra Bella neighborhood, an area that is poised to transform from old industrial uses to a thriving new residential community that takes advantage of its proximity to public transit, parks and trails and the Google campus. The 100 apartments will be mostly studios and one-bedroom units. Half will be reserved for supportive housing for extremely low income households, aligning this development with the goals laid out in Measure A, the $950 million bond approved by Santa Clara County voters in November to preserve and expand affordable housing for residents in need.
Funding for this loan comes from two sources – the Supportive Housing Fund, a partnership between the County of Santa Clara and the Housing Trust, and our 2015 Loan Pool that includes investments from partner banks. The 2015 Loan Pool is a regional fund reaching throughout the Silicon Valley and greater Bay Area and recently doubled its lending capacity with increased commitments for each partner bank and the addition of a new bank, Avidbank.
Housing Trust Silicon Valley is one of the largest housing trusts in the nation to finance affordable housing. With an AA- rating, it is the first nonprofit Community Development Financial Institution (CDFI) to receive a rating from Standard and Poors. Since its inception in 2000, it has invested $131 million in loans to preserve and build multifamily affordable housing projects that have created over 6,000 apartments. The Housing Trust also assists first-time homebuyers and has a program to help individuals and families who are homeless or at risk of homelessness find safe, stable housing they can afford.