Housing Trust is excited to announce a $4.25 million acquisition loan to Eden Housing for Timber Street Senior – a 79 home, five story development planned for Newark that will aid in the transformation of a light industrial and warehouse space to a walkable, affordable residential development for seniors. As this neighborhood transitions to residential to meet the need for housing, including senior housing is critically important – according to the American Community Survey, the city has seen a 64% increase in the number of residents over the age of 60 from 2000 to 2018.
All of the homes will be one bedroom and available to extremely low and very low income households with an income from 20% to 50% of the area median income, and some will be set aside for formerly homeless seniors. The design will include community spaces including a kitchen to allow residents to engage with one another in group activities. Also included are a courtyard with space for planter boxes, a computer center, an exercise room and a bicycle storage room.
“The new partnership between Housing Trust and Google reinforces Eden’s core belief that a successful California makes room for all of us to live here,” said Linda Mandolini, president of Eden Housing. “Thanks to funding from the Launch Initiative, Eden’s latest development, Timber Street Senior Apartments, will provide 79 new affordable homes to seniors in Newark. This community will allow seniors to age in place with independence and dignity.”
The development is close to transit and services – less than a quarter of a mile to a bus station with easy access to downtown Newark and the Fremont and Union City BART stations. Near the site is a retail plaza with restaurants, dentists and optometry offices. The NewPark Mall is a five minute bus ride away and Newark Civic Center is less than a mile from Timber Street.
Funds for the loan were drawn from Launch Initiative, a $50 million fund announced by Google and Housing Trust in July 2020. Launch Initiative, which follows Google’s July 2019 investment in TECH Fund, is expected to help support 4,000 homes over ten years.