Monterey Bay Housing Trust and Tech Partners Fund $817,000 Predevelopment Loan Supporting the Development of 124+ Affordable Homes in Santa Cruz
Multi-colored housing units (AI generated image).
(July 18, 2024 — Marina, CA) — Monterey Bay Housing Trust (MBHT), a revolving loan fund sponsored by the Monterey Bay Economic Partnership and Housing Trust Silicon Valley, in collaboration with Silicon Valley Housing Trust’s TECH Fund, has provided an $817,000 predevelopment loan to For the Future Housing to create 124 units of affordable housing in Santa Cruz.
The Downtown Library & Affordable Housing Project at 500 Cedar St. in Santa Cruz will serve families earning up to 60 percent of the Area Median Income (AMI). Amenities will include a modern public library with resources for all, a childcare facility, and a public parking component to serve the downtown retail community with parking spaces for vehicles and bicycles. In addition, there will be an on-site after-school program, community center, community gardens, computer learning center, wi-fi in community spaces, and financial coaching services available. Sustainability features include electric vehicle charging stations and high-efficiency light fixtures and appliances.
The Downtown Library & Affordable Housing Project is jointly developed by For the Future Housing and Eden Housing. The momentum of this partnership continues to grow: In May, Monterey Bay Housing Trust and Silicon Valley Housing Trust’s TECH Fund also approved a predevelopment loan for Pacific Station North, a 128-unit transit-oriented community in Santa Cruz under development by Eden Housing and For the Future Housing.
“We’re so pleased to play a role in investments in affordable housing and economic growth in our region,” said Monterey Bay Economic Partnership President & CEO Tahra Goraya. “Working families need reasonably priced housing they can afford in our region, and employers need that housing supply to expand in order to retain and attract a qualified workforce.”
Created in July 2016, Monterey Bay Housing Trust’s revolving loan fund is an innovative funding mechanism designed to jumpstart affordable housing production in the Monterey Bay region. Financed by the Monterey Bay Economic Partnership and Housing Trust Silicon Valley, it provides early bridge financing for land acquisition, predevelopment construction or preservation of affordable homes throughout Monterey, Santa Cruz, and San Benito counties. The Trust is always looking to raise funds to build more homes in our region. Please contact MBEP to learn more about investing in housing in our tri-county region.
The TECH Fund harnesses the collective resources of large employers, the high-tech sector, and philanthropic organizations to make a tangible impact on affordable housing. Cisco, Google, and LinkedIn are among the organizations investing in the fund since its launch in March 2017 by Housing Trust Silicon Valley.
About Monterey Bay Economic Partnership (MBEP): Monterey Bay Economic Partnership (MBEP) is a regional member-supported nonprofit organization consisting of public, private, and civic entities located throughout the counties of Monterey, San Benito, and Santa Cruz. Founded in 2015, our mission is to improve the economic health and quality of life in the region.