Rendering of The Kelsey Civic Center planned for San Francisco. (WRNS and Santos Prescott and Associates)
The sudden and spectacular collapse of Silicon Valley Bank didn’t just wipe out venture-backed tech startups. It also hit many of the Bay Area’s largest nonprofit housing developers, forcing construction delays and throwing at least a thousand desperately needed low-income units planned for the region into uncertainty.
Nonprofit developers are now scrambling to find financing for projects after the bank — a key affordable housing lender in the Bay Area — told them it couldn’t move forward with plans to issue new loans. Others are left asking