Santa Clara, Calif., - June 23, 2008 - Silicon Valley Bank's Community Development Finance team will proudly participate in the opening of The Salvation Army Ray and Joan Kroc Corp Community Center and Railton Place, which it helped finance, in San Francisco, Friday, June 27. Silicon Valley Bank committed a $13,250,000 construction bond and received a $1 million grant from the Federal Home Loan Bank of San Francisco to finance the construction of the 113 unit project, which is a finalist for the Best Urban Project for 2008 award by Affordable Housing Finance magazine.
"As we celebrate our 25th year in business, it's important that we recognize our dedication to the technology industry as well as the communities in which we reside," said Ken Wilcox, president and CEO of SVB Financial Group. "We are helping to stabilize our neighborhoods and revitalize our communities by bringing our financial expertise to affordable housing developers. I'm extremely proud of our team and the impact they have been able to make in such a short time."
A commercial bank primarily established to serve the technology industry, Silicon Valley Bank has built an impressive business unit devoted to affordable housing projects in Northern California. SVB's San Francisco-based Community Development Finance team was formed in June 2002 and provides real estate developers with financing for multi-family and single family affordable housing projects in the Bay Area counties of Alameda, Napa, San Francisco, San Mateo, Santa Clara, and Sonoma. Since 2002, the SVB Community Development practice has made loans in excess of $235 million, which aided the construction of more than 1,800 affordable housing units throughout Northern California.
"We are making a direct, positive and proactive impact on homelessness by making it possible for developers to get the complex financing they need to create affordable housing," said Christine Carr, head of Community Development Finance at Silicon Valley Bank. "Silicon Valley Bank, more than most banks our size, makes every effort to finance projects that are making Northern California a better place to live for everyone."
The Salvation Army project is a 135,600 square foot multi-use facility in the Tenderloin neighborhood of San Francisco providing permanent and transitional supportive housing for aged-out foster youth and adults in substance abuse recovery. The facility also boasts a comprehensive community center that will provide recreational activities with an on-site gymnasium, swimming pool, dance studio, and outdoor courtyard. The center will also offer after-school tutoring and mentoring programs; a senior nutrition center (hot lunches for low-income seniors five days a week); a social services program (referrals for emergency housing, food and other services for low-income individuals and families); and a chapel. The community center will be available to all San Francisco residents.
SVB's Community Development Finance team targets projects where tenants earn between 30 and 60 percent of the areas median income. For more information on Silicon Valley Bank's Community Development Finance efforts.
About Silicon Valley Bank
Silicon Valley Bank provides commercial banking services to emerging growth and mature companies in the technology, life science, private equity and premium wine industries. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients' success. Founded in 1983 and headquartered in Santa Clara, Calif., the company serves clients around the world through 27 U.S. offices and three international operations. SVB Silicon Valley Bank is a member of global financial services firm SVB Financial Group (Nasdaq: SIVB), along with SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services. More information on the company can be found at www.svb.com.
Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve. SVB Financial Group is also a member of the Federal Reserve. Silicon Valley Bank Equal Housing Lender.