SAN JOSE, Calif.–A grand opening has been held on a 135-unit affordable housing project here for people considered chronically homeless that was financed by Technology Credit Union and Silicon Valley Bank. Tech CU’s participation in the project, called Second Street Studios, is $8 million.
According to Tech CU, 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.”
‘One of the Best Days of My Life’
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 credit union said. The project began construction in March 2017. 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 (FCH). “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, and the 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.”