A recent report from the Santa Clara County Assessor shows that property value in Silicon Valley is in decline.
Our Housing Trust CFO and Head of Partnerships & Strategy, Julie Mahowald, explains why this is both good and bad news for affordable housing developers looking to convert commercial real estate: “On one hand, these developers will be able to acquire land at a cheaper price. On the other hand, however, many aren’t getting enough funding from state or federal programs to subsidize the rising costs of construction.”
The report also highlights two completed partner projects that we helped fund: Vitalia, developed by Affirmed Housing (we provided a $7.7 M acquisition loan), and Meridian, developed by Related Companies (we provided a $2 M predevelopment loan).
Read the Silicon Valley Business Journal article here: https://www.bizjournals.com/…/santa-clara-county….
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