The collapse of Silicon Valley Bank (SVB) is disrupting affordable housing projects across the Bay Area—where the shuttered bank was the primary lender to non-profits.
The uncertainty over construction loans that are midstream on projects backed by SVB is impacting federal housing subsidies that have compliance deadlines backed on financing.
California developers who were planning to apply for credits in April may be scrambling to find a different financial partner as a result of the closure of SVB by federal regulators, according to a report in Bloomberg.
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