Newly Funded

Newly Funded: $1.57 Million Loan From Housing Trust Fills a Gap For Senior Housing in Berkeley

With support from public and private funding sources – and a $1.57 million loan from Housing Trust – Satellite Affordable Housing Associates (SAHA) will break ground for 34 low income seniors in a desirable location in North Berkeley.

The project is named Jordan Court, and Housing Trust’s loan is unique from the majority of its multifamily lending work in that it funds construction and will remain in the project for 20 years. SAHA has partnered with All Souls Episcopal Parish (ASEP), which is providing a long term lease on the property on which Jordan Court is being constructed. ASEP is also acting as the design consultant and advisor to the project.

One third of the senior households who will live here will have experienced homelessness. Twelve of the 24 studios will be reserved for those earning less than 30% of the area median income (AMI), 11 for those making 31% – 50% AMI, and 11 for those making 51% to 80% AMI. A community room, shared terrace and a private courtyard is also planned, as well as about 4,500 square feet for All Souls Episcopal Parish.

“This is exactly the kind of lending we mean when we say we want to get shovels in the ground faster,” said Julie Mahowald, Interim CEO of Housing Trust Silicon Valley. “It’s wonderful that faith-based organizations that have available land who are mission-aligned in creating affordable housing can partner with developers like SAHA to create homes. We’re thrilled to be able to close the gap with financing for this important project at a time when more residents are at risk of not having access to safe, stable housing.”

“Studies have shown that aging in place can improve a senior’s quality of life, including their physical health,” said Susan Friedland, CEO of SAHA. “That’s why this project in North Berkeley is so important. We’ve seen seniors priced out of this neighborhood, forced to move far from the friends and family that support them. With the land contribution and support from ASEP, Jordan Court will ensure senior residents can remain a vital part of this community for years to come.”

SAHA and ASEP are planning a virtual groundbreaking event on September 30th at 11:00am which will be livestreamed at www.allsoulsparish.org