Hundreds more of our neighbors will soon have housing options. We are excited to share that four Newly Funded loans that closed during the second half of 2022 (July through December) will create 350 new affordable homes for our community members. We are proud to be able to help more mission driven affordable housing developers get their projects off the ground.
These new homes will be built across the greater Bay Area region in the cities of Albany, Mountain View, San Jose, and San Leandro. We know that these new developments will enrich the communities where they are located, and we look forward to meeting our new neighbors someday soon!
Loan Funded in July 2022:
WASHINGTON AVENUE APARTMENTS
SAN LEANDRO, CA
Developer: Abode Communities
Housing Trust Loan: $3.5 million
Proposed Units: 72
Population Served: Families, Individuals, Seniors, Formerly Homeless, People with Special Needs
This new development will consist of 72 units, including studios, one-bedroom, two-bedroom, and three-bedroom units. In addition, 22 units will be set aside for families experiencing homelessness. Amenities include a community room, ground floor parking for each unit, bicycle parking, and secured resident storage. Onsite support services will be provided by Fremont-based Abode Services (a separate organization from developer/owner/operator Abode Communities).
Housing Trust is a participating lender in the Golden State Acquisition Fund. We use these funds to provide flexible financing to help organizations like Abode Communities compete to acquire sites on the open market, and provide much needed predevelopment funds.
Loans Funded in December 2022:
ALBANY FAMILY HOUSING
ALBANY, CA
Developer: Satellite Affordable Housing Associates (SAHA)
Housing Trust Loan: $4.8 million
Proposed Units: 62
Population Served: Families
This project will create 62 new apartment homes in a mix of studios, one-bedroom, two-bedroom, and three-bedroom units for individuals and families earning between 20% to 60% of area median income. In addition, 19 homes will be set aside for formerly homeless households that have special needs and/or developmental disabilities and are at risk of homelessness. The construction converting to permanent loan from Housing Trust helped to accelerate the project towards its construction loan closing.
SAHA is partnering with Alameda County Health Care Services Agency to identify and place tenants in the new building. Water efficient design, drought-resistant landscaping, and low-energy appliances will be utilized in this East Bay community. On-site services will include adult and continuing education, a computer lab, counseling and assistance, and services for people with special needs. There will also be bicycle parking.
LA AVENIDA APARTMENTS
MOUNTAIN VIEW, CA
Developer: Eden Housing
Housing Trust Loan: $3 million
Proposed Units: 100
Population Served: Families, Individuals, Seniors, Formerly Homeless, People with Special Needs
This new apartment community in the North Bayshore area will advance Mountain View’s vision for a vibrant neighborhood that is affordable to all income levels. The community will consist of 100 affordable rental apartments for individuals and families earning between 30% and 60% of the area median income, as well as permanent supportive housing to individuals experiencing homelessness. We provided a construction converting to permanent loan for this project.
The building will include a community room that opens onto a landscaped open space, a computer room, laundry facilities, and secure bicycle parking. On-site support services will include health and wellness, career, education, and financial literacy programming.
SANTA TERESA
SAN JOSE, CA
Developer: Charities Housing Development
Housing Trust Loan: $2.6 million
Proposed Units: 48
Population Served: Families
This project in south San Jose will include 48 units for families in a vibrant area of the South Bay. Amenities in the GreenPoint Rated community include energy efficient appliances, water efficient design and appliances, and solar panels. There will also be bicycle parking. Onsite support services will include counseling and assistance for people with special needs.
This acquisition loan was partially funded with our Supportive Housing Fund, a partnership between Housing Trust and the County of Santa Clara that was created to build or preserve affordable housing in order to end homelessness.
Learn More on Social Media
We are excited to share more stories about these developments on social media – from groundbreakings to grand openings, site tours, resident move-ins, and community celebrations. Find and follow us on Facebook and LinkedIn (or search for @HousingTrustSV) and like/share our posts with your network.
Need a thought partner on your affordable housing project? We help mission aligned developers catalyze new development. Contact us!
For more information on lending programs for developers,
contact: Fathia Macauley or Stephaney Kipple.