Developer: MidPen Housing
Housing Trust Loan: $2,887,000 Construction-to-Permanent Loan
Units: 81 Affordable Homes
Population Served: Families and Intellectually Developmentally Disabled Households
Congratulations to our partner, MidPen Housing, on closing construction-to-permanent financing for Lazuli Landing, a future 81 unit, 100% affordable housing community in Union City for individuals and households earning between 20% and 60% AMI, including Intellectually Developmentally Disabled households. Housing Trust supported the project with a $2.8 million loan funded through our Apple Affordable Housing Fund.
The project is one of the first to move forward under the new 25% Test for 4% Low-Income Housing Tax Credits (LIHTC) and bond developments. A recent federal law reduced the bond-financing threshold from 50% to 25%. Although the project had already received a bond allocation, MidPen adjusted its allocation and financing structure to include a bifurcated (closed in two stages) bond closing, while also enabling the California Debt Limit Allocation Committee (CDLAC) to reallocate bond capacity to other housing developers in the third round of 2025. This helped increase the total amount of 4% tax credits allocated statewide in 2025.
Located in Union City’s Decoto neighborhood, Lazuli Landing will be the first new-construction affordable housing development in the area in decades. The project is being developed on City-owned land through a long-term ground lease at $1 per year, helping lower development costs and demonstrating the City of Union City’s strong commitment to making affordability possible.
Seventeen homes are reserved for extremely low-income households with intellectual and developmental disabilities at 20% AMI, with residents referred through a partnership with the Regional Center of the East Bay, a nonprofit public agency that coordinates services and support for individuals with intellectual and developmental disabilities in Alameda and Contra Costa counties.
The development includes thoughtfully integrated community benefits. Ground-floor commercial space will provide office space for the City’s Youth and Family Services Department and local nonprofit Centro de Servicios, bringing essential services directly on-site.
Since 2006, Housing Trust has partnered with MidPen Housing on 14 projects, totaling nearly $60 million invested to help create and preserve approximately 1,065 affordable homes across the region.
The Apple Affordable Housing Fund is part of the comprehensive $2.5 billion commitment Apple made in November 2019 to help address the housing availability and affordability crisis in California. Apple’s commitment includes a $150 million investment in the Apple Affordable Housing Fund with Housing Trust Silicon Valley. Housing Trust implements the fund by making loans to qualified developers to help accelerate affordable housing construction across the Bay Area.