February 1st brought happy news to Housing Trust, First Community Housing and other partners who had a stake in a San Jose senior apartment complex that had been in the works for years.
First Community Housing assembled several funding sources for the approximately $50 million project, including a $2 million predevelopment loan from Housing Trust. Those funds came from our TECH Fund, the investment vehicle created to enable philanthropists and greater Bay Area employers to take part in the affordable housing solution – recently featured in Affordable Housing Finance magazine.
TECH Fund also got a nationwide introduction in January when Microsoft made a $500 million investment in affordable housing in the Seattle area – partly modeling their initiative on TECH Fund and showing how its influence is spreading. Read the Seattle Times feature here!