The collaboration among Pure Storage, LinkedIn and Cisco which invested $20 million in Housing Trust Silicon Valley’s TECH Fund in November is being put to work quickly as a $4.3 million acquisition and predevelopment loan was made to Resources for Community Development for Fremont Islander: a 128 home affordable housing development spread across one parcel improved with a two story, 70-room motel fronting Mowry Avenue and two adjacent vacant residential land parcels along Bell Street.
Because the project consists of separate lots the development will be separated into two phases: the motel parcel with 79 proposed homes and the vacant land parcels with 49. A quarter of the homes in the development will be reserved for tenants with special needs and all affordable homes will be reserved for individuals with incomes below 60% AMI.
“We’re very excited to be able to take control of this blighted property and transform it into much needed affordable housing for families, homeless individuals, and folks with disabilities,” said Carolyn Bookhart, RCD’s Director of Housing Development. “We appreciate Housing Trust’s loan to purchase the property and setting the stage for more affordable housing.”
The total acquisition financing cost is expected to be $14 million. Additional acquisition financing is being provided by the City of Fremont, which signals the community support for the project and the commitment the city has made toward affordable housing.
TECH Fund is Housing Trust Silicon Valley’s investment vehicle which enables greater Bay Area employers and philanthropists to provide start up capital for affordable housing. Investors include Cisco Foundation, the Sobrato Family Foundation, the David & Lucile Packard Foudnation, The Grove Foundation, LinkedIn and Pure Storage. More information on TECH Fund can be found here.