A $500,000 predevelopment loan from the Housing Trust will keep design, entitlement and financing work moving forward on First Community Housing‘s Leigh Avenue Senior Apartments in San Jose. Leigh Avenue has been on the drawing board for a decade, but stalled during the Great Recession and, later, the dissolution of redevelopment agencies across the state. Through it all,…
Newly Funded, Press Releases, Updates
Monterey Bay Housing Trust Funds First Affordable Housing Loan to CHISPA
June 20, 2017Marina, CA (June 20, 2017) The Monterey Bay Housing Trust (MBHT), a joint program of the Monterey Bay Economic Partnership (MBEP) and Housing Trust Silicon Valley, announced today its first loan — $500,000 to Community Housing Improvement Systems & Planning Association, Inc. (CHISPA) to assist in the development of the Castroville Oaks Affordable Housing Community.
Newly Funded
$7.26M loan helps Palo Alto Housing Bring 100 New Affordable Apartments to Mountain View
May 26, 2017A $7.26 million loan to Palo Alto Housing Corporation for the purchase of a parcel of land in northwest Mountain View is the first step in the construction of 100 new affordable apartments for individuals and families. The property is located in the Terra Bella neighborhood, an area that is poised to transform from old…
Newly Funded
$4.3 Million Loan for Quetzal Gardens
April 28, 2017Housing Trust made a $4.3 million acquisition loan to RCD for Quetzal Gardens in the Little Portugal area of East San Jose. Quetzal Gardens will be six stories and the first two floors of the development will consist of a lobby, retail space for community serving non-profits and a parking garage. All 70 apartments will…
Newly Funded
Loan to Hello Housing Preserves Affordability of East Palo Alto Homes
March 31, 2017Housing Trust is providing a $610,313 loan to Hello Housing, a nonprofit affiliate of MidPen Housing to acquire three single family homes on Garden Street in East Palo Alto, San Mateo County. The three homes are currently rented to low-income tenants. When the tenants decide to move, Hello Housing may use the homes to create ownership opportunities…
Newly Funded
Loan in Livermore Helps Fund Homes for People with Special Needs
January 31, 2017Housing Trust is providing a predevelopment loan in the amount of $500,000 to MidPen Housing for Sunflower Hill, a 45-apartment community in Livermore serving individuals with developmental disabilities. Sunflower Hill was formed as a nonprofit in 2012 by families of children with special needs to develop 45 apartments of affordable housing for adults with developmental…
Newly Funded
Villas on the Park Coming to Downtown San Jose
December 15, 2016Housing Trust is providing a $1 million pre-development loan for Villas on the Park, an 83-apartment complex on Second Street in downtown San Jose. The plan includes 78 apartments for permanent supportive housing and five apartments for interim housing for up to 20 residents — all for individuals who have incomes below 35% of area…
Newly Funded
Fuji Towers Apartments
December 9, 2016Housing Trust Silicon Valley is providing a pre-development loan in the amount of $500,000 to Fuji Towers, a HUD-financed 140 apartment senior housing development in the Japantown neighborhood of San Jose. Fuji Towers opened 40 years ago to house low-income Japanese-American residents. The resident population has diversified over the years, but remains a vibrant and close…
Newly Funded, Updates
Atherton Court Apartments – MidPen Housing
December 5, 2016Housing 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…
Newly Funded
Loan Helps Visionary Home Builders Create New Housing in Stockton
September 16, 2016Visionary Home Builders of California are receiving Housing Trust’s first loan in the city of Stockton. The $472,500 loan will go toward helping Visionary buy undeveloped lots in a subdivision that was left incomplete by the recession. The intention is to build 21 new homes to be sold to first-time home buyers making no more than…