Second Street Studios, the Affordable Housing
Project in San Jose Financed by Silicon Valley Bank and Tech CU, is Complete
Grand
Opening to Take Place August 23, 2019
San Jose, Calif. – August 22, 2019 – Tech
CU (Technology Credit Union) is pleased to
announce that Second Street Studios, an affordable housing project in San Jose,
will host its grand opening on August 23, 2019 from 10 am – noon PT. In March 2017, Tech CU participated with
Silicon Valley Bank (SVB) to provide funding for First Community Housing to
build the new 135-unit housing project in San Jose. Tech CU’s participation totaled $8 million.
Second Street Studios marks the first new
construction of permanent, supportive housing in San Jose and reflects the
unique partnerships that formed between nonprofits, local government and the
tech sector to help address the homelessness crisis.
“At Tech CU, we’ve always prided ourselves on
helping our local community and we know that affordable housing is something
that many in the Bay Area struggle with,” said Todd Harris, CEO of Tech CU.
“This was the first affordable housing project we helped fund, and we’re proud
to have had the opportunity to help the low-income and homeless population living
in the San Jose region find homes. We also had fantastic partners in Silicon
Valley Bank, who led the construction loan financing and First Community
Housing, who led the project’s development.”
Tech CU currently serves a community of more
than 110,000 members in the Bay Area. The company provides a variety of
commercial lending products to help real estate developers, investors and
business owners acquire, construct and improve their commercial and residential
properties.
“Second Street Studios was a challenging project to finance and
build, but all of us involved felt the urgency and responsibility to make sure
that the project is successful,” said Fiona Hsu, Managing Director of Community
Development Finance at Silicon Valley Bank. “Improving the homelessness crisis
in Silicon Valley requires a collective response by every stakeholder in this
region. SVB will continue do our part and support impactful projects like
Second Street Studios. We look forward to partnering with Tech CU again on more
transformative projects in the future.”
Located at the corner of South Second Street
and Keyes Street, the four-floor Second Street Studios building features 135
energy-efficient studio and one-bedroom apartments. The project began
construction in March 2017 and is now complete. The project has provided nearly
150 chronically homeless and low-income people with a safe, comfortable place
to call home.
“The day I handed the keys to our first
resident at Second Street Studios was one of the best days of my professional
life,” said Geoffrey Morgan, President and CEO at First Community Housing. “All
of us at FCH are grateful to be able to serve over 150 formerly homeless in
this historic first 100 percent permanent supportive housing project, first
modular construction affordable housing in San Jose. None of this would have
been possible without the steadfast support of all our partners, including
Silicon Valley Bank and Tech CU.”
Tech CU’s commercial real estate loans can be
used for acquisition, construction and refinancing. For more information, visit
techcu.com/business/ or contact Tech CU at (800) 448-1467.
About Tech CU
Tech CU (Technology Credit Union)
has assets in excess of $2.8 billion, making it one of the 20 largest credit
unions in California. It serves more than 110,000 members throughout the San
Francisco Bay Area — including employees of such companies as Tesla, eBay,
Applied Materials, Nvidia and Facebook. As a federally insured not-for-profit
organization, instead of maximizing profits to pay company stockholders, Tech
CU invest its resources to deliver lower rates, outstanding service and member
benefits. Founded in 1960 by the innovative employees of Fairchild
Semiconductor, today Tech CU continues to be an industry leader, providing
convenient and easy-to-use financial products for all stages of their members’
lives, including personal banking, wealth management, private banking,
commercial lending and business banking. In 2019, Tech CU was named the best
performing credit union in CA, and third top-performing credit union in the
U.S. among 552 credit unions by S&P Global Market Intelligence for the
second year in a row. To learn more, please visit: www.techcu.com.
About Silicon Valley Bank
For more than 35 years, Silicon Valley Bank (SVB) has helped innovative
companies and their investors move bold ideas forward, fast. SVB provides
targeted financial services and expertise through its offices in innovation
centers around the world. With commercial, international and private banking
services, SVB helps address the unique needs of innovators. Learn more at svb.com.
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Contact:
Linden Kohtz
Public Relations, Tech CU
[email protected]
Julia Thompson
Public Relations, Silicon Valley Bank
[email protected]