|520+ Affordable Homes to be Developed in the Greater Bay Area + More Amazing News|
|Newly Funded Date: Friday, June 17, 2022|
Half a billion dollars in loans closed! Housing Trust recently reached this organizational milestone. To date, we have loaned more than $500 million towards the development of affordable homes throughout the greater Bay Area. These investments have resulted in the creation of more than 25,000 affordable housing opportunities, helping nearly 47,000 of our neighbors. The impact of our work has resulted in $7.4 billion being leveraged by our partners. We can’t and don’t do this work alone.
Loans Funded in February 2022:
In Milpitas, we made a $7.72 million loan to Resources for Community Development for 355 Sango Court, which will create approximately 100 affordable family rental homes. The construction converting to permanent loan was funded by our Apple Affordable Housing Fund, our Capital Magnet Fund, and Local Housing Trust Fund awards.
The Apple Affordable Housing Fund was created to support new affordable housing projects by providing loans as the last piece of the financing stack, accelerating affordable housing construction across the Bay Area. The support of partners like Apple is essential to our work in providing flexible capital that results in more homes for the community.
The project is located in a transit-rich community near the Milpitas BART station, and close to parks, shopping, schools, dining, and jobs. The apartments will consist of 23 studios, 40 one-bedrooms, 27 2-bedrooms, and 12 3-bedrooms. The property will include a landscaped interior courtyard with outdoor seating, a community room, automobile and bike parking, on-site property management, and supportive services.
Loans Funded in April 2022:
In Santa Cruz, we made a predevelopment loan of $1 million and a construction converting to permanent loan of $5 million to For the Future Housing, Inc. for Pacific Station South. Located in downtown Santa Cruz, the project will have 70 affordable family rental apartments, including one manager’s unit and 22 units reserved for disabled individuals.
For the predevelopment loan, we used funds provided by the Monterey Bay Housing Fund and our TECH Fund. Monterey Bay Housing Trust is a collaboration between Housing Trust and Monterey Bay Economic Partnership that finances affordable housing throughout Monterey, Santa Cruz, and San Benito counties. We created the TECH Fund to give large employers and philanthropic organizations a way to make a tangible impact on affordable housing and provide developers with flexible financing to compete to acquire sites on the open market and provide much needed predevelopment funds.
The construction to permanent loan was funded through the Apple Affordable Housing Fund and our Capital Magnet Fund award. The latter being a highly competitive award Housing Trust received from the Department of Treasury’s CDFI Fund. Pacific Station provided us with the opportunity to direct this heavily restricted capital into a project that will make a meaningful difference for our community.
In San Rafael, we made a $4 million loan to Eden Housing for the Vivalon Healthy
Aging Campus from the Apple Affordable Housing Fund. Eden Housing and senior services provider, Vivalon (formerly known as Whistlestop), are partnering with BioMarin to bring this new senior services center and senior affordable housing project to downtown San Rafael. There will be 67 affordable units for seniors on the upper floors of the campus, including studios and 1-bedroom apartments.
A Healthy Aging Center will be located on the first and second floors, where seniors will find enrichment and fitness courses, special events, game groups, specialty groups, and outreach services. The lives of the senior residents will be enriched by the proximity to restaurants, retail, and public transportation. Access to healthcare and wrap-around services downstairs will make a big difference for the residents.
Loans Funded in May 2022:
In Fremont, we made a $2.5 million loan to CRP Affordable Housing & Community Development for Arbor View Apartments. The development will include 67 affordable units for families and seniors. On site services and activities will be available for the residents. The project will be located one block away from the planned Warm Springs/South Fremont BART Station and provides easy access to a host of amenities and great schools within walking distance, as it is a High Resource Area. Our TECH Fund helped support this project.
In San Jose, we made a $4.42 million loan to Charities Housing for 2920-2928 Alum Rock East. The development will include approximately 80 affordable family units. Our Supportive Housing Fund and TECH Fund, including support from Google, helped fund this project.
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