Updates

Affordable Housing and Leadership: Our Friends at Resources for Community Development

We’re inspired by all of our development partners and proud to stand with them all – and Resources for Community Development is just one example of the organizations that do great work and inspire us to do even better with our own.

One of our very first acquisition loans was made to RCD – $1.1 million for Embark Apartments in 2015 – and several multifamily loans have been made since then. Recent ones have included a $6.1 million loan to build an 87 home development in Berkeley to be named after legendary community activist and former eight-term Berkeley city council member Maudelle Miller Shirek. The same year $4.3 million was lent to help build 128 affordable homes – all reserved for individuals with incomes below 60% area median income –  in Fremont. Housing Trust’s TECH Fund was used for both. As for Embark, COVID-19 indefinitely postponed a traditional grand opening celebration but it did not stop the move-in process for the tenants – and the building today is very nearly full.

Embark Apartments

In 2017, we made a $4.3 million loan for Quetzal Gardens in the Little Portugal area of East San Jose, and the construction continues. The development will feature a solar-powered water heating system, a green roof and the use of a greywater system for irrigation. True to the organization’s history creating ‘green’ design, RCD released a mesmerizing time-lapse video of their recently opened, first 100% electric development, St. Paul’s Commons in Walnut Creek, showing 18 months of construction in about a minute and a half.

The organization has always been an important part of the fight against displacement, and has been a staunch supporter of renter’s rights – lately using its social media platforms to educate renters on the new COVID-19 renter protections. We’re proud to share the mission of creating and preserving affordable housing with RCD and are excited for what’s to come.