Google invests $50 Million in OFN Member Tech Fund
In July, Google announced it is making a $50 million investment in OFN member Housing Trust Silicon Valley’s TECH Fund. Google’s investment is the largest investment in the fund to date.
“Google’s significant investment continues the momentum TECH Fund was designed to create,” said Kevin Zwick, CEO of Housing Trust Silicon Valley. “Stepping forward in a way that makes a difference and inspiring your neighbor to step forward and do the same. Not only will Google’s investment make a real impact, but it sends the intentional message that we’re not done and we can all do more when it comes to affordable housing.”
Housing Trust Silicon Valley launched the TECH (Tech + Equity + Community + Housing) Fund in March 2017 to provide affordable housing developers the flexible financing needed to compete for sites on the open market—a key barrier to building affordable housing. Google’s investment will enable Housing Trust Silicon Valley to continue helping create and preserve affordable housing units across the Bay Area.
This investment follows closely on Google’s $1 billion commitment to invest in housing and the production of at least 20,000 homes in the Bay Area. It is the company’s first investment from its $250 million affordable housing fund.
Learn more on Housing Trust of Silicon Valley’s website.