Marina, CA-Monterey Bay Economic Partnership and Housing Trust Silicon Valley announced today a $4 million loan to BRIDGE Housing for a portion of the acquisition of Paloma Del Mar senior apartments with the purpose of maintaining affordability for low-income senior households in Freedom, CA. The loan is part of a joint program between Housing Trust Silicon Valley and Monterey Bay Housing Trust (MBHT), which is designed to promote the development of affordable housing throughout Monterey, Santa Cruz and San Benito counties. MBHT is a program of Monterey Bay Economic Partnership. This is the fifth loan through MBHT since its inception in 2017.
Paloma Del Mar senior apartments, which are nearing 30 years in age, are located at 2030 Pajaro Lane, Freedom, a community in unincorporated Santa Cruz County. These affordable rental homes for seniors on fixed incomes were in jeopardy of converting to market rate housing if BRIDGE Housing did not acquire them and commit to maintaining affordable rents. No current tenants of the 130 units will be displaced as a result of the purchase.
“This investment from the Monterey Bay Housing Trust will help ensure that some of the most vulnerable seniors in our community continue to have affordable homes,” said Bud Colligan, MBEP board member and founder of Monterey Bay Housing Trust.
“Preserving the affordable housing we already have and reducing displacement is a critical way to address the regional housing crisis,” said Kevin Zwick, CEO of Housing Trust Silicon Valley. “We’re proud of our work with Monterey Bay Economic Partnership and are thankful we can help the residents of Paloma Del Mar keep the places they call home.”
The Monterey Bay Housing Trust has received contributions from a variety of public and private community partners: South Swell Ventures, Santa Cruz County, City of Santa Cruz, City of Watsonville, City of Salinas, Monterey County, City of Gonzales, United Way Monterey County, and the David & Lucile Packard Foundation. In addition, Housing Trust has leveraged investments from Dignity Health and others. The Monterey Bay Housing Trust loan also leveraged Housing Trust Silicon Valley’s other resources for an additional loan of $13.4 million – resulting in the organization’s biggest investment to date in the Monterey Bay region.
“For seniors, especially those with lower incomes, it makes all the difference in the world to have a stable, affordable place to live,” said Cynthia A. Parker, President and CEO of BRIDGE Housing. “We’re grateful for this innovative partnership and loan, which will help us preserve the affordability of Paloma Del Mar for the long term.”
“The preservation of this important affordable housing asset, particularly for our community’s seniors, is just as impactful as our work to add housing,” said Matt Huffaker, City Manager, Watsonville.
Monterey Bay Economic Partnership (MBEP) is a regional member-supported nonprofit consisting of public, private and civic entities located throughout the counties of Monterey, San Benito and Santa Cruz. MBEP’s mission is to improve the economic health and quality of life in the region. www.mbep.biz.
About Housing Trust Silicon Valley
Housing Trust Silicon Valley is a nonprofit community loan fund based in San Jose that works to improve the quality of life of low-income people in the greater Bay Area by increasing affordable housing opportunities. Since 2000, Housing Trust has invested over $317 million in programs that help everyone from those experiencing homelessness to renters to first-time homebuyers – creating nearly 20,000 affordable housing opportunities serving over 36,000 of our neighbors. It is the first nonprofit Community Development Financial Institution (CDFI) to receive a Standard & Poor’s rating, AA- because of its strong capacity to meet financial commitments. For more information visit www.housingtrustsv.org.