ImpactAlpha, August 31 — California has eight of the 10 most expensive cities for rental housing in the U.S.
A $110 million commitment from Silicon Valley Bank will help National Equity Fund launch an Opportunity Zone fund to “create affordable housing where it’s needed most and for who needs it the most — including units reserved specifically for people experiencing homelessness and local farm workers,” said Silicon Valley Bank’s Fiona Hsu.
The fund will invest the capital in Low-Income Housing Tax Credit deals in Opportunity Zones in Los Angeles, Santa Rosa, San Jose and the rest of the Bay Area.
NEF is an affiliate of the Local Initiatives Support Corp. It has invested nearly $18.3 billion since 1987 to create and preserve more than 200,000 affordable homes.
The nonprofit secured $100 million this year to finance affordable housing property owners in Atlanta (see, “Morgan Stanley backs fund to acquire affordable housing in Atlanta”).