Monterey – United Way Monterey County has committed $200,000 in funding to the Monterey Bay Housing Trust (MBHT). By leveraging the investment through MBHT, United Way’s dollars will be matched 4:1 by the Housing Trust of Silicon Valley (HTSV). 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.
“By partnering with MBEP, United Way Monterey County will magnify our impact on one of the most critical issues facing our community. Increasing the availability of affordable quality housing will improve our ability to attract and maintain a talented workforce, boost our children’s educational attainment, and increase the quality of life for all,” said Katy Castagna, President and CEO of United Way Monterey County.
The match is possible because of a partnership between Monterey Bay Economic Partnership (MBEP) and HTSV to match money targeted for affordable housing in the Monterey Bay region, including Monterey, Santa Cruz, and San Benito counties.
“Having United Way Monterey County as a leading investor in the MBHT signifies just how important the issue of affordable housing is for the low-income families that they serve. Because of their investment, we are able to move forward with even more confidence supporting farmworkers, seniors, and formerly homeless individuals,” said Matt Huerta, MBEP Housing Program Manager. “Our loan pipeline continues to grow and we anticipate making our first loans for catalytic housing developments in the next few months.”
The United Way investment is made possible by a generous planned gift from the Jack Killian Trust. A renaissance man, Jack was a beloved teacher, an Bronze Star recipient, an honored inventor, a dedicated musician and a lifelong champion of Monterey County. Jack’s legacy will help families achieve financial stability for decades to come.
“This is a great example of system level investing that we are doing to create lasting impact,” said Castagna. “I look forward to sharing updates as projects come online.”
To date, MBEP has raised $1.3M towards its $2M goal: private funding ($500,000), City of Salinas ($500,000) and City of Gonzales ($100,000), and now United Way Monterey County ($200,000), with several others considering investments over the next few months. With the HTSV match, that is $6.5M available to invest in affordable housing projects. When the $2M is fully funded it will mean a pool of $10M!
The Monterey Bay Economic Partnership (MBEP) is a regional nonprofit, membership organization consisting of public, private and civic entities located throughout the counties of Monterey, San Benito and Santa Cruz. MBEP’s mission is to improve the economic health and quality of life in the region.
About Housing Trust Silicon Valley.
The Housing Trust was formed by community and corporate leaders in 2000 with the goal of making Silicon Valley a more affordable place to live. It makes loans and grants to increase the supply of affordable housing, assists first-time homebuyers, prevents homelessness and stabilizes neighborhoods. Housing Trust Silicon Valley has invested over $100 million in affordable housing solutions to date and created more than 13,000 affordable housing opportunities. Earlier this year, Housing Trust Silicon Valley became the first nonprofit Community Development Financial Institution (CDFI) in the U.S. to earn a credit rating from Standard & Poor’s Ratings Services. It was awarded an AA- rating because of its strong capacity to meet financial commitments.
About United Way.
United Way Monterey County fights for the financial stability of families throughout Monterey County and is taking the lead to increase access to affordable, quality child care and housing. These are complex issues and United Way is investing in long-term solutions to achieve lasting results. In addition, United Way provides a portfolio of financial support services and connections to help families become self-sufficient. Family financial stability boosts student performance, increases residents’ safety and health outcomes and helps our local economy growth, benefitting everyone in Monterey County.
More information can be found on the MBEP website