Robert Jones (far left), Executive Director of East Palo Alto Community Alliance Development Organization, receives the first Sobrato fund loan from family members John A., Sue, Sheri, John Michael, Lisa and Michael at a press conference held in April 2001, which was featured on Channel 4 evening news. Las Mariposas by Ketzal Community Development Corporation

 
 

PHILOSOPHY

Local nonprofits are the essential delivery system for our Foundation realizing its mission of helping create and sustain a vibrant and healthy community where all Silicon Valley residents have equal opportunity to live, work and be enriched. It is our Foundation’s goal to achieve maximum impact by responding to nonprofits agencies greatest needs.  For example:

Community Problem

Offering affordable housing for working families in the Silicon Valley region where homes and rents are among the highest in the nation. Nonprofit housing developers do not have access to flexible capital to meet early stage affordable housing project goals.

Our Philanthropic Response

To create a revolving loan fund as a program-related investment that supports pre-qualified nonprofit housing developers in creating and/or preserving existing affordable multi-family rental property, homeless and transitional housing, and below-market rate single-family/homeownership developments in the Greater Silicon Valley area. Specifically, we offer access to three interest-free debt products:

1)    real-estate secured loans for land/property acquisition,

2)    real-estate secured loans for construction gap financing

3)    unsecured loans to fund pre-development expenses

Community Impact

In 2001, the Sobrato family made the largest private gift to Affordable Housing in Silicon Valley to date or $10 million. By December 31, 2006, their Fund had approved and committed over $11.7 million in loans to help finance 36 projects that has resulted in creating 2,613 units of affordable housing for low-income families thereby helping them to become economically self-sufficient in one of the most expensive housing markets in the country.  An additional $6.8 million was leveraged through other private and public sources magnifying the Fund’s community impact.

ELIGIBILITY

Program guidelines for pre-qualified housing developers are available at: http://www.l4cd.com/products/products_3_3.htm
Program questions can be directed to Jeff Wells at 408-297-0204 x20 as the Sobrato Affordable Housing Fund is administered through Lenders for Community Development (LCD), a leading economic development lending institution in San Jose.

COMMENTS TO THE FOUNDATION

You are invited to send a note directly to the Foundation staff and Board letting them know what you think of their People & Places program portfolio. Please email Grants@Sobrato.org and be sure to include your Name and Organization. Thank you for your comments!

  

 

 

  
 

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Sobrato Family Foundation
Sobrato Center for Nonprofits, 600 Valley Way, Suite B
Milpitas, CA 95035
Phone: (408) 946-0100  Fax: (408) 516-8007
Email: Grants@Sobrato.org

 

 

  
 

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All Rights Reserved.