THE MONTEREY BAY HOUSING TRUST
“We feel it is absolutely critical to bring resources into our region that can improve the supply of available housing. A thriving region is at the core of our mission and we know that having an affordable place to call home is an integral part of achieving that.”
Bud Colligan, Co-Chair, Monterey Bay Economic Partnership
The Monterey Bay Housing Trust (MBHT)
is a revolving loan fund sponsored by the Monterey Bay Economic Partnership (MBEP) and Housing Trust Silicon Valley. The goal of this fund is to increase the supply of affordable housing for low-income households. MBHT loans can finance acquisition, predevelopment or construction of affordable housing in the Monterey Bay
egion, inclusive of Santa Cruz, San Benito and Monterey counties.
“Housing Trust Silicon Valley is pleased to work with MBEP to promote affordable housing in the Monterey Bay Region. These communities have been underserved by CDFIs (Community Development Financial Institutions) and the current housing shortages have escalated the need for new models of lending. With our solid banking relationships and outstanding credit rating, the Housing Trust is in a perfect position to market to affordable housing developers and manage the loan program.”
Kevin Zwick, CEO, Housing Trust Silicon Valley
MBEP has committed to raise $2 million in donations which will then be matched with funds from Housing Trust Silicon Valley lending capital in a four-to-one ratio. As loans made to affordable housing developers are repaid from construction financing, the Monterey Bay Housing Trust funds will be re-invested in other new projects in the tri-county region, leveraging the $10 million fund many times over.
Click here to view the MBHT Term Sheet (PDF)
General questions and donations: Contact Matt Huerta, Housing Program Manager, MBEP
Developer inquiry: Contact Jim Mather, Chief Lending Officer, HTSV
Projects Funded by the Monterey Bay Housing Trust:
Projects funded by the MBHT will be featured here as information becomes available. Please check back later.