Google and Housing Trust Silicon Valley – a nonprofit community loan fund that works to create a strong affordable housing market in the greater Bay Area – are announcing the creation of Launch Initiative, an affordable housing fund aimed to accelerate the start-up and preservation of homes. Launch Initiative, announced a year after Google’s $50 million investment in Housing Trust’s TECH Fund, doubles the size of the collaboration, bringing the total partnership between the two organizations to $100 million.
Google, a longtime supporter of Housing Trust Silicon Valley, pledged $1 billion for housing across the greater Bay Area in June of 2019 – $250 million of that total to finance affordable homes and $50 million was invested into Housing Trust’s TECH Fund the following month. Today, Google provided an update of their commitment to housing and some of the progress made to date. So far, funds from their TECH Fund investment generated pre-development lending for 496 homes across several projects in the region including the creation, in San Jose, of 93 affordable homes at 4th and Younger and 88 homes on Bascom Avenue, the 87 home development honoring activist Maudelle Shirek in Berkeley, and others.
Launch Initiative is a strategic partnership which enhances Housing Trust’s lending capacity and provides Housing Trust and Google opportunities to invest in a broader range of affordable housing projects. Over 10 years, Launch Initiative is projected to support 4,000 homes, in addition to the work already underway through Google’s earlier investment in TECH Fund. Launch Initiative has had an impactful start by investing in the creation of 150 homes across two developments: Alum Rock by Charities Housing in San Jose, and Newark Timber by Eden Housing in Alameda County.
“I welcome this new effort by Housing Trust and Google to help provide needed affordable housing options in our community,” said Representative Zoe Lofgren (CA-19).
“This remarkable new partnership builds on the strengths of both organizations and has the potential to grow well beyond its initial scope,” said Julie Mahowald, Interim CEO of Housing Trust Silicon Valley. “We are grateful for Google’s steadfast commitment to find creative ways to inject the capital needed for more affordable housing.”
ABOUT HOUSING TRUST SILICON VALLEY
Housing Trust Silicon Valley (Housing Trust) is a nonprofit community loan fund based in San Jose that believes safe, stable and affordable housing opens the door to better living for everyone. Since 2000, Housing Trust has invested over $335 million in programs that help everyone from those experiencing homelessness to renters to first-time homebuyers – creating over 20,100 affordable housing opportunities serving over 36,700 of our neighbors across the greater Bay Area. It is the first nonprofit Community Development Financial Institution (CDFI) to receive a Standard & Poor’s rating, AA-, because of its strong capacity to meet financial commitments. For more information visit www.housingtrustsv.org.
MEDIA CONTACT: Michael Norris, Communications Manager, Housing Trust Silicon Valley, email@example.com 408-703-3837 x 241