Facebook’s Catalyst Housing Fund marked a leap forward this week, announcing its first outside investor: The San Francisco Foundation (TSFF). The $20 million fund, whose mission is to secure economic opportunity and affordable housing for Silicon Valley residents, began as a partnership of Facebook, Envision Transform Build and Housing Trust Silicon Valley, with LISC as fund manager. TSFF’s investment will help propel the development and preservation of hundreds of affordable homes in East Palo Alto and Menlo Park, near Facebook’s HQ.
From Facebook Newsroom: Catalyst Housing Fund Attracts New Investor
Silicon Valley has a remarkable energy that makes it a great place to live and work. Though the region is thriving in many ways, our community clearly needs more affordable places to live. That’s why we’re working alongside our neighbors to increase affordable housing in the Bay Area.
In 2016, we announced a partnership with Envision Transform Build and the cities of East Palo Alto and Menlo Park to create regional solutions to the affordable housing crisis. A pillar of the partnership was to create the Catalyst Housing Fund with an initial investment of $18.5 million to pursue innovative and scalable ways to increase the construction and protection of affordable housing. In August 2017, we announced Local Initiatives Support Corporation and Housing Trust Silicon Valley would manage the fund and leverage our initial investment to as much as $75 million.
New partners will help solve the housing crisis through this unique partnership. Today, we are pleased to announce The San Francisco Foundation (TSFF) is contributing $1 million to the Catalyst Housing Fund. Continue [+]...