TECH Fund was created by Housing Trust in 2017 to give large employers and philanthropic organizations a way to make an impact on affordable housing and provide developers flexible financing to compete for land acquisition on the open market. Loans made through TECH Fund have already been paid back and the money lent out again—maximizing the value of the fund and its impact—and some of the first pre-development loans enabled by TECH Fund are opening their doors, making an impact seen in the faces and heard in the voices of their residents.
CURRENT FUND SIZE
For more information on investing in affordable housing, visit housingtrustsv.org/invest
-Rebekah Saul Butler, Co-Executive Director of Grove Foundation,
which added an additional investment to TECH Fund in late 2020.
Housing Trust made a $4.11 million acquisition loan to Affirmed Housing’s Almaden Apartments Development in San Jose. The project is an 80-unit, six-story, 100% affordable multifamily building to consist of 54 homes reserved for extremely low income households earning up to 30% area median income (AMI) and 25 for households earning between 51% to 80% AMI as well as a manager’s unit. Funding for the loan came from TECH Fund as well as the 2015 Loan Pool, whose participants currently include Western Alliance, East West Bank, Beneficial State Bank, Manufacturers Bank and Heritage Bank of Commerce.
Over half of the homes TECH Fund has helped secure are designated for families, a third for the homeless and/or permanent supportive housing, and one-in-five for seniors. Most homes are aimed at those earning 60 percent of the area median income or less.