SANTA CLARA, Calif., October 31, 2005 - Silicon Valley Bank, the primary subsidiary of SVB Financial Group, and the head of its Community Development Finance Team, Christine Carr, were honored by Oakland Community Housing, Inc. (OCHI) and presented with a Congressional Citation from California Congresswoman Barbara Lee for the company's work on an affordable housing project in West Oakland, California. Carr accepted the award at the OCHI's annual dinner on October 20, 2005.
Silicon Valley Bank has a tradition of community involvement and support. SVB's Community Development Finance Team is dedicated to providing Bay Area for- and not-for profit affordable housing developers with financing for both single- and multi-family affordable housing projects. The group has provided over $100 million in financing to 18 affordable housing projects in Alameda, Napa, San Francisco, San Mateo, Santa Clara and Sonoma counties since June 2002. In that time, the group has also developed strategic partnerships with the California Housing Finance Agency (CalHFA) and the California Community Reinvestment Corporation (CCRC).
"Silicon Valley Bank's innovative approach and willingness to structure a construction loan consistent with the housing manufacturing process enabled us to bring the Infill Homeownership Initiative to a larger and more meaningful scale," said Dwight Dickerson, executive director, Oakland Community Housing, Inc. "With Silicon Valley Bank's participation we were able to increase the community benefits as well as the cost effectiveness of this project."
The Infill Homeownership Initiative is an effort by OCHI to develop affordable housing in the Oakland area. OCHI replaces unsightly vacant lots and houses that have become run down, with attractive manufactured homes that allow low and moderate-income local residents to become first-time homebuyers. For more information about OCHI or Linden Avenue A and B projects that SVB financed, please visit www.ochi.org.
About Silicon Valley Bank
Silicon Valley Bank provides diversified financial 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 domestic offices and two international subsidiaries in the U.K. and India. More information on the company can be found at www.svb.com.
Silicon Valley Bank Honored by Oakland Community Housing, Inc.<br>Company Recognized for Outstanding Work Developing Non-Traditional Approach to Affordable Housing Lending
Company News | October 31, 2005