Today we are happy to report continued strides in our lending thanks to funding from a host of wonderful supporters – including our TECH Fund investors, Supportive Housing Fund partner County of Santa Clara, all of our banking and philanthropic partners, and the County of Santa Clara’s Measure A.
Our Multifamily Lending Team has had one of the busiest months ever – $6.4 million was lent between two separate projects in San Jose; one for a total of 170 homes – all of which restricted to households with an income from 20% to 50% of the area median income with some of the apartments set aside for formerly homeless seniors. Last Friday the team closed a loan for $3.45 million to help create 97 new affordable homes – half of which will be set aside for permanent supportive housing. And this very week a $2 million predevelopment loan was made in Oakland to help build 181 affordable homes – a quarter of which will be set aside for formerly homeless households.
In short, since the Shelter in Place order took effect on March 16, Housing Trust’s Multifamily Lending Team has closed four loans totaling over $12 million with over 424 homes among them. We’ll have even more details about each loan and exciting developments to share in the weeks and months ahead!