Housing Trust Silicon Valley is providing a loan in the amount of $11.2m to MidPen Housing Corporation for acquisition of the 55-unit Atherton Court Apartments.
If it weren’t for MidPen’s purchase of Atherton Court, the apartments could have been sold to a market-rate developer, putting existing low-income tenants at risk of massive rent increases and displacement. As it is now, updating these aging homes will ensure their long term affordability in an area with great need.
This loan is the largest loan originated by the Housing Trust, in line with Housing Trust’s strategic plan to help address the affordable housing crisis regionally by issuing larger loans in an expanded footprint. This is the first loan the Housing Trust has originated in Redwood City.