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March/April 2019 - In This Issue:
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NetApp Joins TECH Fund Campaign with $10M Investment - and Quickly Helps 130 Home Project
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Matt Fawcett, Senior Vice President
and General Counsel of NetApp
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The sun hadn't even risen on March 29th - the day of Housing Trust Silicon Valley's Investor Briefing - when news of NetApp making a $10 million investment in TECH Fund hit the airwaves.
Locally,
NBC Bay Area and
San Jose Mercury News both covered NetApp's investment in TECH Fund. The
Silicon Valley Business Journal covered it as well and even added context behind the creation and the fellow investors including Cisco, The Grove Foundation, LinkedIn, The David & Lucile Packard Foundation, Pure Storage, and The Sobrato Family Foundation.
The TECH Fund was launched just two years ago and to date has helped create or preserve 2,170 homes across 19 developments and NetApp's investment put the total in the fund to $62 million - far beyond the original $50 million goal.
A key
value-add of the initiative has always been the ability to deploy investments quickly. For instance, when
LinkedIn first joined TECH Fund in late 2017
their entire $10 million initial investment was deployed by January to
secure sites for affordable homes.
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Site for SJ Auzerais Apartments - a 130 home transit-oriented development.
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Weeks after Investor Briefing, a portion of NetApp's investment was put to use within a $13.75 million loan to Eden Housing to build a 130 home transit-oriented development in downtown San Jose.
As reported in
our recent Newly Funded announcement, the project, named SJ Auzerais Apartments, is on the corner of Auzerais and Delmas - a short walk from VTA bus and light rail stops, close to Diridon, and
not far from the site of First Community Housing's McEvoy Apartments, which was the largest loan in our history at $15.85 million when it was made last summer.
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Investor Briefing 2019: Great Event, Greater Speakers
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California Assemblymember David Chiu, giving the
keynote address at Investor Briefing 2019
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We cannot thank you enough for making Investor Briefing 2019 our most successful one yet. Because you helped us spread the word on social media, signed up to attend or both, we had a record number of sponsors - including champion sponsors Google and Silicon Valley Bank - and over 600 people at the event!
Silicon Valley Bank provided a donation match and thanks to the entertaining and informative work of Housing Trust board member/Investor Briefing emcee Shiloh Ballard and Assemblymember and former board member Ash Kalra we raised nearly $30,000 in contributions from the generous and enthusiastic crowd.
In addition to the announcement of NetApp's investment we had an electric atmosphere during the networking opportunity and Assemblymember David Chiu delivered the keynote remarks. Charlie Giancarlo, CEO of Pure Storage, lent his voice to the stage to talk about Pure Storage's own investment in TECH Fund and to introduce LinkedIn's Katie Ferrick, who was our 2019 Housing Champion Award recipient (to learn more about her connection to housing and how she led LinkedIn to TECH Fund, read Katie's great personal story here).
Our own Kevin Zwick delivered his usual insight, and Silicon Valley Leadership Group and one of the founders of Housing Trust Carl Guardino introduced UC Berkeley Student Sumayia Hakim - who grew up in affordable housing in the Bay Area and is one of the recipients of the 2018 Guardino Affordable Housing Scholarship.
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Charlie Giancarlo, CEO of Pure Storage, Katie Ferrick, Sr. Director of Workplace, Community & Environment of LinkedIn, and Kevin Zwick, CEO of Housing Trust Silicon Valley, presenting Katie with the 2019 Housing Champion Award
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Be sure to
view the photos of Investor Briefing 2019 on Housing Trust's Facebook page and
read the San Jose Mercury News story on Investor Briefing 2019.
And just in case you missed Investor Briefing you can watch the speeches right here:
Matt Fawcett of NetApp
We have marked our calendar for
March 13, 2020 for #InvestorBriefing20 so be sure to mark yours! And if you didn't have a chance to
make a donation to Housing Trust please do!
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North San Pedro Apartments Breaks Ground
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| Groundbreaking at the North San Pedro Apartments with State Senator Jim Beall, County of Santa Clara Supervisor Cindy Chavez, San Jose Housing Director Jacky Morales-Ferrand, San Jose Mayor Sam Liccardo and others |
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A short walk from our office in downtown San Jose is North San Pedro Apartments, which had a groundbreaking celebration this past Friday.
Featured speakers included elected officials and others who helped move this project over a period of years - including State Senator Jim Beall, County of Santa Clara Supervisor Cindy Chavez, San Jose Mayor Sam Liccardo, Councilmember Raul Peralez and Housing Director Jacky Morales-Ferrand and others. The project will feature 135 homes - including 55 units of permanent supportive
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Some of the funders for the North San Pedro Apartments - including our own Kevin Zwick
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housing for chronically homeless veterans and 60 chronically homeless individuals.
Housing Trust provided First Community Housing with a liquidity line to give FCH greater capacity in working on different developments simultaneously. The other FCH endeavor the liquidity line is assisting is the project
Leigh Avenue - which had its own
groundbreaking on February 1.
The project had to secure a number of funding sources - and took a lot of love and teamwork to get to the construction phase. North San Pedro is also another win for Measure A - the affordable housing bond championed by Santa Clara County and passed by voters in 2016.
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Edgar and Gema Find a Home in Gilroy with H.E.L.P
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| Edgar and Gema with their family at home in Gilroy |
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A sunny afternoon through some pretty backroads brought us to the home of Edgar and Gema - and their three children - in Gilroy.
Bay Area natives Edgar and Gema were often renting in places they didn't enjoy while they both worked - he in tech, she in healthcare - and saved for a down payment on their own home. That mission was made difficult by rising home prices and the bite of paying off student loans. Buying a home in the Bay Area seemed so unlikely Edgar considered trying for a job transfer out of the area.
After working with Housing Trust's homeownership team the family began looking for homes - and eventually finding one they were happy with in Gilroy that gave the kids their own rooms.
Owning their own home has has been good for the family, Edgar told us. "There is a peace of mind here. You are not paying rent for someone else's mortgage, you're paying your mortgage on your own home. I almost didn't think owning a house was possible."
Edgar and Gema are also excited to be able to celebrate their wedding anniversary this summer - 20 years as of August - in their own home.
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Coming Soon: Affordable Housing Week 2019!
As we're closing in on May it is time to open your calendars and save some dates - it's Affordable Housing Week!
Our friends at Silicon Valley at Home have stretched the week into a 'fortnight' of sorts with events stretched over a period of fifteen days beginning on Friday, May 3 and concluding on Friday, May 17th.
As usual, Housing Trust is proud to host and co-sponsor a number of events - please click the link to learn more:
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Affordable Housing Week Event
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Date and Time
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Saturday, May 4, 9:00am - 12:00pm |
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Saturday, May 4, 11:00am - 4:00pm |
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Tuesday, May 7th, 10:00am |
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Saturday, May 11th, 1:00pm |
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Saturday, May 11th, 10:00am - 2:00pm |
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Thursday, May 16th, 11:30am |
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Friday, May 17, 10:00am |
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