Jack, sign the petition to the feds: Save affordable housing. Keep the promises Silicon Valley Bank made.

Sign the petition
Now that the feds have taken over Silicon Valley Bank, they are planning a sale of its assets as soon as Friday.

Depending on what happens, the sale might put eleven affordable housing projects in jeopardy in the Bay Area—with possibly more to come. Here is why:

Two years before its demise, Silicon Valley Bank entered into a community benefit agreement with advocacy organizations like California Reinvestment Coalition that included:

$2 billion for loans and investments to support affordable housing
$1 billion in mortgage lending to low- and moderate-income borrowers in California
$11 million to help nonprofit organizations acquire property that would otherwise likely be purchased by investors, so as to keep these units affordable
$60 million in charitable contributions to nonprofit groups working to stabilize their communities.

All this could be lost, if the FDIC (Federal Deposit Insurance Commission) sells Silicon Valley Bank without a condition that the new buyers honor the community benefit agreement.

Sign the petition: Keep the promises made for affordable housing. No sale of Silicon Valley Bank without these conditions.

Sign the petition
Federal regulators have said they will honor Silicon Valley Bank's deposits, but that move does not apply to loans or investments made by the bank. And in this case, they must.

Affordable housing projects that have been approved—and are waiting to get the funding to begin construction—could lose the funding that was promised to make this housing a reality.

Sign the petition to the FDIC (Federal Deposit Insurance Commission): No sale of Silicon Valley Bank without keeping the promises made on affordable housing.

Sign the petition
Keep fighting,
Paul Hogarth, Daily Kos