Congratulations to our partners Eden Housing, Inc. on the grand opening of La Avenida Apartments in Mountain Viewâs North Bayshore neighborhood and welcome home to all of the residents!
This beautiful new 100-unit affordable housing communityâdesigned for families, individuals, seniors, formerly homeless individuals, and people with special needsâbrings much-needed affordable homes to one of the most expensive housing markets in the country. As Paul, one of the new residents (pictured below), shared in his remarks: his new apartment isnât just housingâitâs a community. That sentiment perfectly captures the spirit of La Avenida and the pride we saw in the residents who call this community their home.
We are pleased to have supported Eden on this project at every financing step. In 2017, we provided a $9.7 million TECH Fund to purchase the property, which was increased to support additional predevelopment in 2020 with support from our Google Launch Initiative. Finally, in 2022, we provided a $3 million construction-to-permanent loan through our Apple Affordable Housing Fund. This combination of financing reflects the strength of public-private partnerships in action.
Together with Eden, weâve closed 19 loans across the greater Bay Area, totaling $61.2 million, and weâre proud to have funded 12 loans in the @City of Mountain View alone, totaling $51 million.
Congratulations also to the City of Mountain View, and to all the committed partners and champions who helped bring La Avenida to life! City of Mountain View, County of Santa Clara, Santa Clara County Housing Authority, Wells Fargo, California Community Reinvestment Corporation, Housing Trust Silicon Valley, California Energy Commission, The Home Depot Foundation, California Tax Credit Allocation Committee, California Debt Limit Allocation Committee, California Municipal Finance Authority, David Baker Architects, and James E. Roberts-Obayashi Corp.
