Updates on San Jose affordable programs

Affordable Homes for

Silicon Valley Families

Our progress through 5/31/2013.

With $76 Million

in Investment...

And $1.88 Billion

of Leverage...

Housing Trust has created 9,988

Total Housing

Opportunities.

Our mission is to make Silicon Valley a more affordable place to live.

Innovative Solutions: Introducing the Affordable Housing Growth Fund

For the past two years, the demise of redevelopment funding throughout California has led to a dramatic drop in the start-up of new affordable or below market-rate residential units in Silicon Valley and surrounding areas. Federal cuts to housing programs such as HOME along with sequestration further take a toll on development. In addition, hard-fought inclusionary housing policies to help integrate affordable housing into market rate rental housing have been put on hold pending new legislation passing in Sacramento.

"We actually are having a housing boom, but it's just market-rate apartments. There is very little affordable housing getting started," said Michael Lane, the policy director at the Non-Profit Housing Association of Northern California. According to the 2013 Silicon Valley Index, permits for affordable units throughout the region have fallen dramatically since 2010, accounting for just 2% of the total permits (83 units) in 2012.

Now more than ever, the need for new solutions and innovative thinking is crucial. Rising to the challenge, the Housing Trust is introducing the Affordable Housing Growth Fund. Eight financial institutions have invested, along with the Housing Trust, including Bridge Bank, East West Bank, First Bank, Heritage Bank of Commerce, Manufacturers Bank, One Pacific Coast Bank, Silicon Valley Bank, and Technology Credit Union (Tech CU).

The Affordable Housing Growth Fund will help fill the need for the early phase, patient financing so critical to affordable housing development. The Fund offers predevelopment and acquisition financing for new and existing affordable housing. The Fund can also assist with construction and bridge financing. Loan amounts of up to $2 million are expected but larger requests will be considered.

Over the next five years, the Housing Trust plans to use the Fund to help finance up to 24 projects, assisting in the development of thousands of permanently affordable rentals for low-income working families, seniors and others with special needs. For more information, contact Jim Mather, Chief Lending Officer or Julie Quinn, Loan Officer.

Homebuyer Program: The Perfect Location

Kyle looked and planned for three years before he was able to purchase a condo. "I stayed with family so I could save for a down payment. I would not have been able to afford my own home without my loan from the Housing Trust. Without it, I would be living paycheck to paycheck. It helps me keep my mortgage payments within a budget I can comfortably live on.

I work for a local (Cupertino) school district in the IT department. My new home is in walking distance to my work so it is great to have such an easy commute. I have a son in high school and family that live close to the area as well. I enjoy being so close to shops and restaurants, many just a short walk away."

Photo at left: Kyle Le, with son Kelvin.

Finally Home Celebrates One Year Anniversary!

Over 416 individuals were assisted by the Finally Home program since it's launch last year in June. Housing Trust was pleased to receive a $165,000 grant from the City of Santa Clara to help those at risk of homelessness, along with $500/per household utility setup assistance for residents of Santa Clara. Finally Home program coordinator Marianna Gonzales has been busy reaching out to expand partnerships with other agencies to further the effectiveness of this program.

Ford Road: Neighborhood Stabilization in Action

Ford Road Supportive Housing, designed with twenty units for people who are developmentally disabled, is estimated to be completed this summer. A 75-unit family project is adjacent to this complex. The Ford Road Housing development's plan was to transform a deteriorated, vacant parking lot into a high-quality, well-managed, supportive residential community for families and individuals with special needs. The project received NSP2 funding from the San Jose Consortium. The Housing Trust is the lead agency of the San Jose Consortium, a partnership between the Housing Trust, City of San Jose and NHSSV. Eden Housing is the developer.

At right: Edenvale resident Cheryl Hewitt, at the Ford Road groundbreaking event.

Photo by Maria Haase, City of San Jose.

Spotlight: Making It Happen

Julie has been with the Housing Trust since 2010 and stepped into the role of Multifamily Loan Officer in January. Prior to this new position, Julie was the Homebuyer Program Manager where she originated and underwrote nearly $7 million in loans, assisting 214 first-time homebuyers. She also helped launch and expand the MAP, PAL and GAP loans, and pre-purchase counseling programs. Julie's past experience includes working for Neighborhood Housing Services Silicon Valley raising funds for first-time homebuyer and foreclosure intervention counseling programs. She also managed the community development loan portfolio for the City of Durham, NC. Julie has experience working in housing development and program management in both the public and private sectors.

Photo at right: Julie Quinn, Loan Officer, Multifamily Lending

"We are delighted to be working with the Housing Trust of Silicon Valley as they have been committed and dedicated to affordable housing. They continue to develop innovative solutions which have resulted in significant impacts and strong outcomes. U.S. Bank is proud to support the organization through grants and loan pool funding in order to strengthen our communities."

-- Lisa M. Joyner, Vice President

U.S. Bank, West Region Manager - Community Affairs

"The Affordable Housing Growth Fund is a 'natural' for the Housing Trust, further enabling us to provide affordable housing for Silicon Valley families. The Fund will be a terrific option for the developers of affordable housing and a necessary supplement to conventional lending sources. The broad array of lenders investing in the Fund speaks to the continued strong commitment to affordable housing by lenders here in Silicon Valley."

-- Robert Sherrard, Senior VP & Mgr. Real Estate Lending

Tech CU

Upcoming Homebuyer Classes and Workshops are posted

on our website: Click here.

For more information about Housing Trust Silicon Valley or our programs, please visit our website at http://www.housingtrustsv.org or call us at 408.436.3450.