TECH Fund at Work: FCH Receives $6.7M Loan for Sunnyvale Homes
Orchard Gardens Rendering
First Community Housing, which was just recognized as an Outstanding Developer by the U.S. Green Building Council for its ongoing efforts to create buildings with sustainability in mind, received a $6.7 million loan to revamp and expand a property in Sunnyvale - which is also the home of the recently opened MidPen development Edwina Benner Plaza.
Near transportation and community amenities, Orchard Gardens is an existing First Community Housing property with 62 homes comprised of two pairs of courtyard buildings serving families and individuals earning between 50% - 60% of area median income. The proposed redevelopment includes rehab of a portion of the property and the construction of a new building with a focus on serving the special needs population. When completed, the total number of affordable homes will reach 86.
The green building design features will meet LEED (Leadership in Energy and Environmental Design) Platinum certification, and all residents will receive a free, annual Eco Pass that provides bus and light rail travel throughout Santa Clara County.
A portion of the loan funds originated from our TECH Fund, including NetApp's $10 million investment - which the company announced during Investor Briefing 2019 in March - and from LinkedIn's latest investment in TECH Fund late last year. This is also the first loan to be made from our CDFI Bond Guarantee Program, a source that allows Housing Trust to make longer term loans.
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