Developer: CRP Affordable Housing and Community Development
Housing Trust Loan: $4,094,500 Acquisition
Proposed Units: 83
Population Served: Families
Congratulations to CRP Affordable Housing and Community Development on closing financing for Banana Belt Apartments, an 83 unit affordable housing development in the City of Santa Cruz. Housing Trust is pleased to provide a $4,094,500 acquisition loan, partially funded from the Golden State Acquisition Fund. We have partnered with CRP on 10 loans to date.
Representing a meaningful step toward addressing the affordable housing shortage in Santa Cruz, Banana Belt Apartments will provide much-needed affordable homes for families earning between 30% to 70% of the area median income. Designed with sustainability and community in mind, the project will include solar panels, bike storage, and a community gathering space.
Banana Belt Apartments marks our third loan in Santa Cruz County in the past two months with CRP (other recent loans include Beverly Gardens Apartments and 4575 Scotts Valley Apartments), building on the momentum of our collaboration with Monterey Bay Housing Trust partners, Monterey Bay Economic Partnership (MBEP), and growing our impact in the region.