Housing Trust Silicon Valley has received a $30 million donation from MacKenzie Scott through her Yield Giving philanthropic fund.
The gift will allow the nonprofit community loan fund to accelerate its work to address the affordable housing crisis throughout the greater San Francisco Bay Area.
“We’re humbled and extraordinarily grateful,” says Noni Ramos, CEO of Housing Trust. “It really affirms the work of Housing Trust. It affirms the last 25 years of being in existence as an organization. We stand on the shoulders of the folks who founded and created the organization—past leadership at both the staff and board levels. And, it also speaks volumes to what our current team is doing.”
Scott’s donation, the largest gift that the Housing Trust has received from an individual, came as a surprise, according to Ramos.
Yield Giving often conducts “quiet research to identify candidate organizations working to advance the opportunities of people in underserved communities,” according to its web site.
It’s also notable that the funding is not restricted, so recipients can use the funds however they choose.
In September, CSH (Corporation for Supportive Housing) announced that it received a $40 million grant from Scott that will support its “mission to build equitable, inclusive, and thriving communities through affordable housing and essential support services.”
“This donation arrives at a pivotal moment as communities across the country grapple with escalating homelessness and housing insecurity due to a severe shortage of affordable housing, racial disparities, and persistently inadequate funding for essential health and community services,” says Deborah De Santis, CSH president and CEO.
The contribution will empower CSH to bridge these gaps and help communities address the urgent needs of people who face unnecessary barriers to housing, according to the organization.
Scott’s Yield Giving has supported a number of housing organizations in recent years, with Housing Trust being the latest.
“We see this gift as being additive to the work that we’re doing,” Ramos tells Affordable Housing Finance.
One early idea is to use the gift to further seed the capital raise for the organization’s loan fund to bring more resources to affordable housing finance ecosystem. Another is to expand existing efforts such as a first-time home buyer down-payment assistance program. There’s also the potential to launch new initiatives that can deepen partnerships and foster greater equity and housing affordability, according to Ramos.
Since its founding in 2000, Housing Trust has invested more than $615 million, creating 27,000 housing opportunities and helping more than 51,000 people access affordable housing. Even more so, $8.1 billion has been leveraged by its partners.
The organization works across 14 counties, including several of the nation’s most expensive housing markets, including San Francisco, where the median rent is $3,474. That’s $1,374 more than the national median. In nearby San Jose, the median rent is $3,150, which is $1,050 more than the national media, according to Zillow in September.
To help ease the housing crisis in the region, Housing Trust's recent projects include Meridian Apartments in Sunnyvale. In partnership with Related California, Housing Trust provided a $2 million predevelopment loan to create 90 affordable homes for families.
Another example is Vivalon in San Rafael. Housing Trust supported Eden Housing with a $4 million loan for the 66-unit affordable housing community for older adults, where residents benefit from affordable homes paired with supportive services.
Yield Giving’s support is seen as an investment in Housing Trust and its work, according to Ramos.
“We look forward to doing more,” she says. “It’s all about doing more.”
