The sudden and spectacular collapse of Silicon Valley Bank didn’t just hit venture-backed tech startups. It also dealt a blow to many of the Bay Area’s largest nonprofit housing developers, forcing construction delays and throwing into uncertainty at least a thousand desperately needed low-income units planned for the region….
…Across California, nine developers are in varying states over limbo over 13 low-income projects — including 11 in Bay Area cities from San Jose to Petaluma, according to the California Housing Partnership, a nonprofit that supports affordable housing developers. A project in Los Angeles and one in the Central Valley were also impacted….
….While the bank appears to be making every effort to keep money flowing to ongoing projects, Matt Schwartz, chief executive of the California Housing Partnership, said he’s worried that could end abruptly once a sale goes through. “How much can anyone outside rely on anyone’s word or intent within the bank right now?” he asked.