Newly Funded

Newly Funded: 71 New Affordable Homes Coming to Mixed-Income Development in Santa Cruz

Water Street front view 2021

Housing Trust has made a $875,000 loan to Novin Development for Water Street, a mixed-income development which will include 71 affordable homes with a number of environmentally friendly features. 

The project will be configured in two buildings and will source renewable energy from the power grid. Drought tolerant landscaping, a rainwater harvesting system and a rooftop open space are also planned.

The location, which is less than a half-mile from a number of grocery stores and restaurants, will encourage a bike-friendly lifestyle with an on-site bicycle repair station and bike lockers for residents.  

The 71 affordable homes will be restricted to individuals making between 30% and 60% of the area median income (AMI) and an additional 65 units will target the local workforce earning between 80% and 120% AMI.