Nonprofit loan fund Housing Trust Silicon Valley pledged a loan to acquire just over 2 acres of property near the Evelyn Avenue exit off State Route 85 in Mountain View.
The loan is funded in part by Google Inc.’s joint venture with Housing Trust Silicon Valley, dubbed Launch Initiative, which contributed an additional $50 million to the organizations’ existing partnership. The current plan is to create approximately 160 units of affordable family housing at 57 and 67 E. Evelyn Ave., a $17.2 million land purchase that leverages funds from Santa Clara County’s Measure A affordable housing bond as well as the Launch Initiative.
“With the Bay Area’s severe housing shortage of nearly 500,000 affordable homes, we’re focused on helping increase the affordable housing supply as quickly as possible,” said Javier González, Google’s head of local government affairs and public policy in California. “This is our home, and as we continue to grow, we’re committed to working with Housing Trust and Charities Housing, as well as other organizations, to help our community solve challenging problems.”
Housing Trust CEO Noni Ramos said the partnership with Google “allows us to realize our mission of creating safe, stable and affordable housing solutions for those experiencing homelessness, for renters and for first-time homebuyers.”
Launch Initiative is projected to support 4,000 homes over 10 years and has already created 150 homes in developments in San Jose and Alameda County.
Housing Trust Silicon Valley is a San Jose-based organization that focuses on improving quality of life for low- to moderate-income residents of the greater Bay Area by creating affordable housing.
For more information, visit housingtrustsv.org.
