It was only last month Housing Trust announced LinkedIn’s $10 million investment in affordable housing in Mountain View using TECH Fund – joining original backers Cisco Foundation, Sobrato Family Foundation and the David and Lucile Packard Foundation.
Today we’re pleased to report all of the money LinkedIn has been put toward a total of 163 homes – which means 163 families’ lives will change for the better thanks to this investment.
Part of LinkedIn’s funds went to a $8.1 million loan to Palo Alto Housing to purchase a site at 950 W. El Camino Real in Mountain View to develop and operate a 100 percent affordable housing complex. Twenty of the 70 units will be reserved for permanent supportive housing, aligning with Santa Clara County’s Measure A funding priorities.
Eden Housing was able to use the TECH Fund for a $9.7 million acquisition loan for an affordable housing project on 1100 La Avenida Ave. All 93 units are for residents who make 60 percent or below area median income.
The La Avenida Avenue project is also notable due to its location in the North Bayshore area of Mountain View. In December, the city completed its multi-year planning process for North Bayshore, which included a historic zoning change passed by a unanimous city council to allow up to 9,850 new housing units in the area, with 20 percent, or 1,970 homes, designated as affordable housing. For more information click here.