In the East Bay, a $2 million loan to MidPen Housing’s supports pre-development costs for Chestnut Square, located at Chestnut Street in Livermore. MidPen was chosen by the City of Livermore to be the master developer of a 4.31 acre city-owned site with the ultimate goal of a 158 unit mixed income residential community. In late 2016 MidPen conducted community outreach to gauge reaction to the development – and found broad support in the neighborhood.
This loan is for a 42 unit family project that will be developed on a portion of the site, with all 42 units designated as affordable housing to those earning between 50 – 60% area median income (AMI). The project has a strong focus on housing needs for families as it will include 22 two-bedroom units and 16 three-bedroom units and four one-bedroom units. Onsite amenities will include a community room, computer lab and a children’s play area.