SAN JOSE, Calif., Aug. 22, 2019 — Tech CU (Technology Credit Union) is pleased to announce that Second Street Studios, an affordable housing project in San Jose, will host its grand opening on August 23, 2019 from 10 am – noon PT. In March 2017, Tech CU participated with Silicon Valley Bank (SVB) to provide funding for First Community Housing to build the new 135-unit housing project in San Jose. Tech CU’s participation totaled $8 million.
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.”
Tech CU currently serves a community of more than 110,000 members in the Bay Area. The company provides a variety of commercial lending products to help real estate developers, investors and business owners acquire, construct and improve their commercial and residential properties.
“Second Street Studios was a challenging project to finance and build, but all of us involved felt the urgency and responsibility to make sure that the project is successful,” said Fiona Hsu, Managing Director of Community Development Finance at Silicon Valley Bank. “Improving the homelessness crisis in Silicon Valley requires a collective response by every stakeholder in this region. SVB will continue to do our part and support impactful projects like Second Street Studios. We look forward to partnering with Tech CU again on more transformative projects in the future.”
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 project began construction in March 2017 and is now complete. 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. “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.”
Tech CU’s commercial real estate loans can be used for acquisition, construction and refinancing.
About Tech CU
Tech CU (Technology Credit Union) has assets in excess of $2.8 billion, making it one of the 20 largest credit unions in California. It serves more than 110,000 members throughout the San Francisco Bay Area — including employees of such companies as Tesla, eBay, Applied Materials, Nvidia and Facebook. As a federally insured not-for-profit organization, instead of maximizing profits to pay company stockholders, Tech CU invest its resources to deliver lower rates, outstanding service and member benefits. Founded in 1960 by the innovative employees of Fairchild Semiconductor, today Tech CU continues to be an industry leader, providing convenient and easy-to-use financial products for all stages of their members’ lives, including personal banking, wealth management, private banking, commercial lending and business banking. In 2019, Tech CU was named the best performing credit union in CA, and third top-performing credit union in the U.S. among 552 credit unions by S&P Global Market Intelligence for the second year in a row.
About Silicon Valley Bank
For more than 35 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators.