SANTA CLARA, Calif., August 12, 2004 - Silicon Valley Bank, the primary subsidiary of Silicon Valley Bancshares (Nasdaq: SIVB), announced it provided $6.4 million in construction and permanent financing for the development of two affordable-living, family housing projects in Calistoga and Napa, Calif. Calistoga's Saratoga Manor II and Napa's Magnolia Park Townhomes will offer affordable housing alternatives for 47 low-income families. Construction on the projects is scheduled for completion by October 2005.
"Silicon Valley Bank is committed to improving the communities in
which we live and work," said Christine Carr, senior vice
president, Silicon Valley Bank. "Housing agencies like Burbank
Housing Development Corporation, Calistoga Affordable Housing and
Napa Valley Community Housing make an enormous impact on the
lives of individuals and families. SVB is proud to be an
important part of each project's success. We're dedicated to
community development financing and look forward to working
closely with local housing agencies to improve people's standard
of living in Northern California."
Calistoga's Saratoga Manor II is the second phase of an existing
22-unit single-family home development. Sponsored by Burbank
Housing Development Corporation and Calistoga Affordable Housing,
Inc., Saratoga Manor II will feature a total of 18 two-, three-
and four-bedroom single-family homes. A self-help housing
project, each Saratoga Manor II family must contribute 30
construction hours per week towards the development of their new
community. All homes in the community have been sold, with the
buyers selected by lottery from a group of almost 70
pre-qualified families. Complete with single car garages and
landscaped front yards, Saratoga Manor II reserved six homes for
families earning no more than 80 percent of the area's median
income in Napa County. The remaining twelve homes were sold to
farm workers earning up to 50 percent of the area's median
Sponsored by Napa Valley Community Housing, Magnolia Park
Townhomes will provide 29 affordable housing units in Napa.
Featuring a functional community room and children's playground,
Magnolia Park will be a home for individuals and families earning
up to 50 to 60 percent of the area's median income in Napa.
Fourteen of the homes will be reserved for local farm workers.
The community includes a mix of two story, three- and
four-bedroom townhomes, single story studios, and one- and
two-bedroom flats, each with their own porch and balcony.
In addition to the Napa Valley projects, Silicon Valley Bank
received a $60,000 Affordable Housing Program grant from the
Federal Home Loan Bank of San Francisco in June 2004. The funds
will be used to support the 13th and Julian Street renovation
project in San Jose, Calif. Sponsored by Silicon Valley Habitat
for Humanity, the project calls for the renovation of two
historic Victorian homes into four affordable for-sale housing
units and will be completed in Fall 2004.
Silicon Valley Bank has a tradition of community involvement and
support. SVB's Community Development Finance Practice 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. Silicon Valley Bank's
Community Development Finance Group has provided over $50 million
in financing to ten affordable housing projects in the counties
of Alameda, Napa, San Francisco, San Mateo, Santa Clara and
Sonoma since June 2002. The group has developed strategic
partnerships with the California Housing Finance Agency (CalHFA)
and the California Community Reinvestment Corporation (CCRC).
About Silicon Valley Bank
Silicon Valley Bank provides diversified financial services to
emerging growth and mature companies in the technology, life
sciences and private equity markets, as well as the premium wine
industry. 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 more
than 9,500 clients across the country through 26 regional
offices. More information on the company can be found at