Packard Foundation Invests in Affordable Housing

The Packard Foundation made a debt investment of $5,000,000 to support the Housing Trust of Silicon Valley (HTSV)’s TECH (Tech + Equity +  Community + Housing) Fund to enable it to expand its affordable multifamily housing lending, primarily focused on predevelopment and acquisition loans in the Bay Area, California. The lack of affordable housing is a critical challenge that threatens the strength and vibrancy of our local communities. The HTSV vehicle serves one of the most pressing financing needs hindering affordable housing, i.e. the lack of early predevelopment funding for new multifamily housing projects which often is not available because of early-stage project risk, and focus these new resources primarily on our five-county region.