(July 14, 2021) -King City, CA-Monterey Bay Economic Partnership and Housing Trust Silicon Valley announced today a $680,000 acquisition loan to Community Housing Improvement Systems & Planning Association Inc. (CHISPA) to purchase property in King City and create 40 affordable homes aimed toward farmworkers in the region.
The property is currently made up of five vacant parcels. On each CHISPA plans to build an eight-unit, two-story apartment building, which will create 97 bedrooms among 40 affordable homes. The units will consist of two-bedroom and three-bedroom apartments and will be reserved for households earning up to 70% area median income (AMI) with average affordability of 50% AMI.
The project was originally planned in 2007, but the developer who owned the property walked away during the Great Recession. CHISPA bought the property from the new owner, who had acquired it out of foreclosure. The location is close to parks, a medical clinic, transit, several schools, a library, and groceries.
“We’re proud to once again be part of an exciting development in Monterey County – four years after this partnership made its first loan to CHISPA,” said Noni Ramos, Chief Executive Officer of Housing Trust Silicon Valley. “There is a great need for affordable homes in Monterey County and we’re thankful for the opportunity to work with CHISPA, MBEP, and other partners to move projects forward quickly.”
“We are very excited to help bring more investment to King City and South Monterey County that will help serve farm worker families who are the backbone of our region’s workforce,” said Kate Roberts, President and CEO of Monterey Bay Economic Partnership. “CHISPA’s future permanently affordable rental housing at Mills Ranch is part of fulfilling the Salinas Valley Farmworker Housing Action Plan’s goal of creating 3,500 new homes over five years.”
About Monterey Bay Housing Trust
Monterey Bay Housing Trust (MBHT) is designed to promote the development of affordable housing throughout Monterey, Santa Cruz, and San Benito counties. The MBHT provides early bridge financing for land acquisition, predevelopment construction or preservation of affordable homes.
Monterey Bay Economic Partnership (MBEP) is a regional nonprofit, membership organization consisting of public, private and civic entities located throughout the counties of Monterey, San Benito, and Santa Cruz. MBEP’s mission is to improve the economic health and quality of life in the region. www.mbep.biz.
About Housing Trust Silicon Valley
Housing Trust Silicon Valley is a nonprofit community loan fund based in San Jose that works to improve the quality of life of low-income people in the greater Bay Area by increasing affordable housing opportunities. Since 2000, Housing Trust has invested over $335 million in programs that help everyone from those experiencing homelessness to renters to first-time homebuyers – creating over 20,000 affordable housing opportunities serving over 36,700 of our neighbors. It is the first nonprofit Community Development Financial Institution (CDFI) to receive a Standard & Poor’s rating, AA- because of its strong capacity to meet financial commitments. For more information visit www.housingtrustsv.org
CHISPA develops affordable apartments and single-family homes in Monterey, San Benito, and Santa Cruz Counties. The organization manages affordable apartments and develops affordable homes for sale and lease. CHISPA is a 501(c)(3) California Not for Profit Corporation. For more information visit www.chispahousing.org
Contact: Melanie McNulty * Monterey Bay Economic Partnership * email@example.com
Michael Norris * Housing Trust Silicon Valley * firstname.lastname@example.org