High housing costs continue to challenge working Silicon Valley families, and nonprofit housing developers need access to flexible capital to meet early stage affordable housing project goals.
Our Philanthropic Response
For 11 years, the Sobrato Family Foundation proudly partnered with Opportunity Fund, providing capital for a revolving loan fund that supported nonprofit housing developers in the Greater Silicon Valley area. Three interest-free debt products were part of the program:
- Real-estate secured loans for land/property acquisition
- Real-estate secured loans for construction gap financing
- Unsecured loans to fund pre-development expenses
In January 2013, Opportunity Fund announced its strategic decision to end the affordable housing loan program. The transition reflects both the changing landscape for affordable housing financing in California, and Opportunity Fund’s vision to be a large-scale, consumer-focused microlending and microsavings institution. Its attention and resources now focus on programs that directly touch and financially empower working families, and Sobrato Family Foundation supports this vision through our Education Fund grants to Opportunity Fund’s Matched Savings Account program.