LinkedIn Commits to Affordable Housing With $10M Investment in TECH Fund
LinkedIn, the world’s largest professional network based in Silicon Valley, has invested $10 million in TECH Fund, an initiative of Housing Trust Silicon Valley to get more high-tech organizations, large employers and philanthropists involved with creating affordable housing in the Bay Area.
With this Mountain View-based investment LinkedIn is the first company to use their investment in the TECH Fund to make additional voluntary contributions to benefit their community. TECH Fund, which was created to help developers with short-term capital needs to compete more effectively with market-rate developers and purchase property faster, is a critical new tool to fill a need in the affordable housing development process. Housing Trust, which created TECH Fund, also noted LinkedIn’s contribution to TECH Fund brings the total investment level to $30 million.
“We see TECH Fund and LinkedIn’s investment as new way to lead change in the affordable housing landscape,” said Kevin Zwick, CEO of Housing Trust. “We’re happy to create a way for affordable housing developers to access land acquisitions funds quickly, and we thank LinkedIn for being a committed ally to do so.”