Developer: CRP Affordable Housing and Community Development
Housing Trust Loan: $3,277,500 Acquisition
Proposed Units: 25
Population Served: Families, Individuals with Intellectual & Developmental Disabilities
Congratulations to CRP Affordable Housing and Community Development on securing financing for Beverly Gardens, a 25 unit affordable housing development in Scotts Valley, Santa Cruz County. Housing Trust is proud to support this project with a $3,277,500 acquisition loan through our TECH Fund and the Golden State Acquisition Fund.
Beverly Gardens and another recently closed project at 4575 Scotts Valley Apartments are the first new affordable housing developments in Scotts Valley in more than 20 years.
Beverly Gardens will serve low-income families and individuals with intellectual and developmental disabilities. All units will include Project-Based Vouchers awarded by the Housing Authority of the County of Santa Cruz, ensuring affordability for residents.
The development will include community-centered amenities such as a children’s play area and community gathering space, along with sustainability features like rooftop solar panels to promote energy efficiency.
The project marks another chapter in our ongoing partnership with CRP. To date, we’ve funded 10 projects together, including 4575 Scotts Valley Apartments in Scotts Valley and Banana Belt Apartments in Santa Cruz, as well as 951 Old County Road in Belmont, and others.
This is our third loan in Santa Cruz County in the past two months − and an example of our transformative work in the Monterey Bay Region − building on the momentum of our partnership with our Monterey Bay Housing Trust funding partners, Monterey Bay Economic Partnership (MBEP).