Sonoma County Housing Fund

A collaborative effort to address an intensified need for housing

When Sonoma County was impacted by the devastating Tubbs Fire in late 2017, the region, already in the midst of a housing shortage, needed a way to bring new housing in – and fast.

Working with Housing Trust Silicon Valley, we came up with a unique solution.

How It Helps

The Sonoma County Housing Fund is a joint partnership between Housing Trust Silicon Valley and the Santa Rosa Metro Chamber – similar to the successful collaboration Housing Trust made with the Monterey Bay Economic Partnership to create Monterey Bay Housing Trust.

Leveraging each other’s strengths, expertise and local relationships, Sonoma County Housing Fund will finance critically needed affordable housing in the Sonoma County region. In this new partnership, Santa Rosa Metro Chamber secures and deploys the local investments to assist with the affordable housing and Housing Trust underwrites, approves, and administers the loans. This $10 million initiative’s goal is to finance affordable housing throughout the Sonoma County region.

Getting Started

Review the Term Sheet for the Sonoma County Housing Fund
Purpose	Predevelopment, acquisition, construction/rehab and bridge
Project Types	Affordable multifamily rental and supportive housing
Eligible Borrowers	Non-profit organizations, limited partnerships and single asset entities with non-profit sponsors, and mission-aligned for-profit entities
Geography	Sonoma County
Loan Amount	Maximum secured: $15,000,000 Maximum unsecured: $1,000,000
Term	Up to 5 years
Interest Rates	Competitive rates based on the transaction structure. Please call to inquire about current rates.
Fees	Origination Fee - 2% of loan amount for loans up to $2 million; 1.5% for larger loans; $5,000 - $10,000 non-refundable application fee (will be applied to origination fee at loan closing) Borrower is responsible for lender’s legal fees and all third party costs
Collateral	Predevelopment loans may be secured or unsecured. Acquisition and construction are secured in first lien position on the subject property. Housing Trust may consider a junior position and/or additional collateral depending on the project and the cumulative loan to value.
Loan-to-Value	Housing Trust will ensure reasonable parameters based on underlying project and sponsor profile.
Repayment	Interest only, payable monthly, interest may be capitalized through interest reserve at the time of loan closing and paid out of loan proceeds. Principal will be paid at the earlier of construction loan closing or maturity.
Recourse/Guaranties	To borrower and, at Housing Trust’s discretion, to sponsor or parent company
Contact	Peter Rumble, CEO, Santa Rosa Metro Chamber, 707-545-1477 Pam Berkowitz, Director of Multifamily Lending, Silicon Valley Housing Trust, 408-703-3837 x220 Steven Yang, Senior Loan Officer, Silicon Valley Housing Trust, 408-703-3837 x240

Every loan starts with a conversation, please reach out to one of the contact above to see how we can help.

This term sheet does not constitute a commitment to lend or borrow or an agreement to issue or accept a commitment on these or any other terms or to arrange any financing and shall not create a binding or legally enforceable obligation. The terms contained herein are a summary and are not all-inclusive.

Financing Partners

Silicon Valley Housing Trust - Santa Rosa Metro Chamber