Monterey Bay Housing Trust funds first affordable housing loan
RELEASE: The Monterey Bay Housing Trust (MBHT), a joint program of the Monterey Bay Economic Partnership (MBEP) and Housing Trust Silicon Valley, announced today its first loan — $500,000 to Community Housing Improvement Systems & Planning Association, Inc. (CHISPA) to assist in the development of the Castroville Oaks Affordable Housing Community. Funds will be used for design, environmental review, and other pre-development expenses, allowing construction to begin in 2019.
Castroville Oaks includes 124 apartments and approximately 90 homes on a 44-acre site near the intersection of Highway 156 and Castroville Boulevard. The apartments will serve very-low and low-income families, and the homes will be sold to moderate income households.
“CHISPA has been a leading nonprofit housing developer in Monterey County for decades, so it is fitting for them to receive the Monterey Bay Housing Trust’s first loan. This housing development will address the housing needs of our local workforce such as teachers, hospitality, retail and agricultural employees,” said Matt Huerta, MBEP Housing Program Manager. “We look forward to catalyzing more affordable housing projects in the region in the months ahead.”
Last year MBEP entered into a partnership with the Housing Trust Silicon Valley to provide loans for affordable housing in the Monterey Bay region, including Monterey, Santa Cruz, and San Benito counties. This loan is the first to be made from the $10 million fund.
“Through innovation and collaboration, we can achieve meaningful impacts to combat the regionalaffordable housing crisis," said Kevin Zwick, CEO of Housing Trust Silicon Valley. “It was important to us to find ways to serve the Monterey Bay area so that more families have opportunities to find affordable places to live.”
The CHISPA loan was also enabled by a contribution from United Way Monterey County, one of several community partners that committed funds to the Monterey Bay Housing Trust. “The lack ofaffordable, quality housing for working families is affecting the health, safety and educational achievement of our residents,” said Katy Castagna, CEO of United Way Monterey County. “We are delighted to be working with MBEP to leverage our donor dollars so effectively. We all need to work together to improve opportunities in housing.”
“The Monterey Bay Housing Trust is a new resource in the region and we’re excited to receive its first loan for the Castroville Oaks development,” said Alfred Diaz-Infante, CEO of CHISPA. “This effort will help us improve people’s lives and create a healthy, and much needed, neighborhood in Castroville.”
More information can be found on the MBEP website.