Congratulations to CRP Affordable Housing and Community Development on securing financing for 4575 Scotts Valley Apartments, a 100 unit, 100% affordable housing development in Scotts Valley, Santa Cruz County. Housing Trust is pleased to provide a $2,000,000 predevelopment loan through our TECH Fund for this project.
This project and another recently closed project at Beverly Gardens are the first new affordable housing developments in Scotts Valley in more than 20 years.
Serving low to moderate income families earning between 30%-70% area median income, 4575 Scotts Valley Apartments will include a community room, playground, and solar panels—promoting both connection and sustainability. Forty project-based vouchers have been awarded from the Housing Authority of the County of Santa Cruz, ensuring deeper affordability.
This project represents another collaboration with mission-aligned partners CRP. To date, we’ve partnered with CRP on 10 projects, including a recent loan at Beverly Gardens in Scotts Valley, Banana Belt Apartments in Santa Cruz, and 951 Old County Road in Belmont.
It also marks our third loan in Santa Cruz County in the past two months, underscoring the growing impact of our expansion into the Monterey Bay Region and building on our continued collaboration with Monterey Bay Housing Trust, funded by Housing Trust partners, Monterey Bay Economic Partnership (MBEP).