Housing Trust recently closed two loans that afforded us the opportunity to offer support in our wider region and to do so in partnership with collaborative partners.
A loan of $8.3 million was made to Visionary Home Builders for a project in Stockton and a $500,000 loan was made to For the Future Housing in Santa Cruz.
The $8.3 million loan, made with Century Housing, was to Visionary Home Builders for the purchase of Adobe Hacienda, a 171 apartment complex in Stockton. Visionary will do a thorough rehab on this building to improve the quality of life for the existing tenants and to ensure the project will stay affordable for residents in the long term.
The $500,000 loan to For the Future Housing was made with the Monterey Bay Housing Trust (MBHT), a joint program of Monterey Bay Economic Partnership (MBEP) and Housing Trust Silicon Valley. The new development, Water Street Apartments in Santa Cruz, will include approximately 41 one- and two-bedroom apartments on Water Street. The homes will serve very low income individuals and families with eight units reserved for residents with developmental disabilities.
MBHT was formed in 2016 to provide loans for affordable housing in the Monterey Bay region. The loan to For the Future Housing is the third loan to come from this collaboration and the second for a project in Santa Cruz.