The CDFI marks 25 years by uniting corporate, financial, and philanthropic leaders – including Apple, U.S. Bank, and the Packard Foundation – to deliver 7,400 affordable homes and save $5.7M in annual rent for low-income households
San Jose, CA – October 16, 2025 – Housing Trust Silicon Valley, a certified Community Development Financial Institution (CDFI) committed to advancing affordable housing solutions across the greater Bay Area, today launched its Building Impact Initiative, a landmark $200 million fund designed to accelerate affordable housing across the Bay Area.
Anchored by significant investment from Apple – Housing Trust’s 2025 Housing Champion – $17 million from U.S. Bank, Wells Fargo, and Mechanics Bank, the initiative unites leading corporate and financial institutions with a regional coalition of community foundations – including Silicon Valley Community Foundation, The San Francisco Foundation, and Community Foundation Santa Cruz County – alongside philanthropic partners such as the David and Lucile Packard Foundation, who provided $10 million, and The Grove Foundation. The initiative reflects an impressive cross-section of corporate, financial, and philanthropic commitment. Together, these partners demonstrate regionwide collaboration and a long-term commitment to advancing affordable housing across the Bay Area.
With a goal of creating and preserving 7,400 affordable homes across the Bay Area, the Building Impact Initiative is designed to deliver far more than housing alone. The fund is projected to generate $5.7 million in annual rent savings for low-income households, while helping reduce reliance on cars by supporting housing near jobs and transit. These outcomes reflect a holistic vision: advancing housing equity while promoting environmental sustainability and community resilience.
To achieve this, the Building Impact Initiative provides flexible, below-market capital that allows Housing Trust to meet urgent housing needs today while investing in long-term solutions. This structure ensures funding can move quickly into projects – without competing for limited grant dollars– unlocking new ways to accelerate housing production and strengthen communities across the region.
“The Building Impact Initiative represents both innovation and affirmation – of what’s possible when partners from across sectors come together around a shared mission,” said Noni Ramos, CEO of Housing Trust Silicon Valley. “This fund gives us the flexibility to meet the challenges of today while building the affordable housing systems our region will need tomorrow – focusing on what’s possible, even in a moment when many are retreating, our partners are boldly stepping forward.”
The Building Impact Initiative builds on Housing Trust’s 25-year legacy of advancing affordable housing solutions through public–private partnership and financial innovation. Since 2000, Housing Trust has invested more than $690 million, created 28,700 housing opportunities, and helped 53,800 neighbors find homes they can afford – leveraging $9 billion in capital with partners across the region.
The initiative’s announcement follows Housing Trust’s 25th Anniversary Investor Briefing, held October 15 at the California Theatre in San Jose. The event brought together more than 300 elected officials, financial institutions, developers, and housing advocates to celebrate progress and outline the path forward. Highlights included a conversation with The Honorable Tomiquia Moss, Secretary of California’s Business, Consumer Services and Housing Agency; a fireside chat with The Honorable Julián Castro, former U.S. Secretary of Housing and Urban Development and now CEO of the Latino Community Foundation and with The Honorable Xavier Becerra, former U.S. Secretary of Health and Human Services. The event also recognized Apple as Housing Trust’s 2025 Housing Champion.
To learn more about Housing Trust’s Building Impact Initiative – or to join its cross-sector investor cohort alongside leading corporate, financial, and philanthropic partners – visit housingtrustsv.org.
Quotes from Key Stakeholders:
Apple
“We believe everyone deserves a place to call home, and we’re proud to build on our longstanding work with Housing Trust Silicon Valley by supporting the Building Impact Initiative,” said Kristina Raspe, Vice President of Global Real Estate & Facilities, Apple. “Together, we’re able to find new solutions to complex challenges that prioritize people, our communities, and environmental sustainability.”
U.S. Bank
“Expanding access to affordable housing is central to our mission at U.S. Bancorp Impact Finance,” said Lisa Guiterrez, Senior VP and Director of Business Development, U.S. Bancorp Impact Finance (U.S. Bank). “Through long-standing partnerships with CDFIs, we help direct capital where it can do the most good. Housing Trust Silicon Valley’s Building Impact Initiative is a natural extension of that work – financing affordable homes and strengthening neighborhoods across the Bay Area.”
Mechanics Bank
“Home ownership is central to achieving community stability and improving on social and economic outcomes,” said Courtney Williams, Executive Vice President and Director of CRA Strategy & Administration for Mechanics Bank. “We’re very pleased to continue our partnership with Housing Trust Silicon Valley, with whom we are committed to helping expand the development of affordable housing and fostering opportunities for low- and moderate-income
homebuyers.”
David and Lucile Packard Foundation
“When families here in the Bay Area have access to stable, affordable housing, our communities can truly thrive – a goal that has been a core part of the Packard Foundation’s vision for over 60 years,” said Susan Phinney Silver, Mission Investing Director at The David and Lucile Packard Foundation. “As an early supporter of TECH Fund, we’ve seen the strength of Housing Trust’s model up close. The Building Impact Initiative extends that impact – pairing philanthropy with private investment so more Bay Area families can secure safe, affordable homes.”
Silicon Valley Community Foundation
“Only when people have stable, affordable housing can they really begin to thrive in their lives and create opportunities for their families over the long term,” said Pilar Lorenzana, Silicon Valley Community Foundation’s vice president of community action, initiatives and policy. “Silicon Valley Community Foundation is proud to support this crucial, multi-sector effort to increase affordable housing in our region.”
The San Francisco Foundation
“Housing is essential to building a Bay Area where everybody can thrive. We’re proud to support the Housing Trust Silicon Valley’s Building Impact Initiative, ” said Jes Montesinos, Senior Director, Place Pathway of the San Francisco Foundation. “This powerful collaboration brings together partners to expand creative and flexible funding options. It will help directly address a funding need our communities have expressed and help residents stay rooted in their communities.”
Community Foundation Santa Cruz County
“Through our impact investing program, Community Foundation Santa Cruz County has been able to support Housing Trust Silicon Valley projects with low-interest loans which have resulted in first time home buyers getting keys to their new homes and new developments increasing local affordable rental homes,” said Susan True, Chief Executive Officer, Community Foundation Santa Cruz County. “We are thrilled that the Building Impact Initiative and expertise of Housing Trust will benefit residents across our region and especially here in Santa Cruz County.”
About Housing Trust Silicon Valley
Housing Trust Silicon Valley is a regional Bay Area CDFI (Community Development Financial Institution) advancing affordable housing solutions through innovative finance and public-private partnerships. Since 2000, Housing Trust has invested over $690 million, creating more than 28,700 housing opportunities and helping 53,800 neighbors find homes they can afford, while leveraging $9 billion with its partners. For more information, visit housingtrustsv.org.
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Media Contact:
Alexandra Pony
alexandra@ponycommunications.com