Whether you're an employer trying to attract top talent, a young family just starting out or a worker hoping to live within a reasonable commute from your job, you know that availability of quality, affordable housing negatively impacts economic growth in Monterey County.
As part of its commitment to expand access to affordable housing, United Way is proud to announce its $200,000 investment in the Monterey Bay Housing Trust, a revolving loan fund financed by the Monterey Bay Economic Partnership (MBEP) and Housing Trust Silicon Valley. This innovative funding will help remove key barriers to the creation of affordable housing stock.
By leveraging the investment through the Monterey Bay HousingTrust, United Way’s dollars will be matched four-to-one by the Housing Trust of Silicon Valley. The result is a $1 million revolving fund that will increase affordable housing units for low-income individuals and families and those with special needs. Initial projects will be identified later this year.
MBEP itself has committed to raise a total of $2 million from various sources and that amount will also be matched four-to-one by the Housing Trust Silicon Valley. The result will be a total of $10 million to move affordable housing projects off the drawing board. Loans can be used to finance acquisition, predevelopment or construction for both rental and ownership projects. Funding will focus on projects that require flexible and customized lending.
As loans are repaid from each project's construction financing, the Monterey Bay Housing Trust will reinvest funds in new housing in the Monterey Bay Region – Santa Cruz, San Benito and Monterey Counties -- leveraging the $10 million many times over.
Other investors in the trust include the City of Gonzales ($100,000) and City of Salinas ($500,000). Learn more about innovative ways to close the housing gap.