National Equity Fund, Silicon Valley Bank Team For $110M Opportunity Zone Invest

Silicon Valley Bank and nonprofit the National Equity Fund said this week that SVB will commit $110M for affordable housing in both Los Angeles and the Bay Area, to go towards creating affordable housing in high rent California districts. The two said the deal will allow Santa Rosa, Coachella, Los Angeles and San Jose low-income residents will soon have new options for affordable housing. The two said that Opportunity Zone legislation was created to spur economic growth and job creation in low-income communities while providing tax benefits to investors. Although SVB is better known for its activity in lending and providing services to startups, the bank also serves other industries, such as wineries. (Photo: National Equity Fund's Boyle Hotel Apartments in Los Angeles)