FOR IMMEDIATE RELEASE
November 29, 2017
$1 Million Loan from Dignity Health Supports Low-Income Housing in Santa Cruz County
Dignity Health has provided a $1 million loan to Housing Trust Silicon Valley for affordable housing projects in Santa Cruz County and surrounding areas. The loan supports the Monterey Bay Housing Trust, a collaborative effort of the Monterey Bay Economic Partnership (MBEP) and Housing Trust Silicon Valley.
Dignity Health has made other significant investments in affordable housing throughout Northern California. In Santa Cruz County, the health care system includes Dominican Hospital, Dignity Health Medical Group-Dominican, and Dignity Health Medical Network, and serves patients throughout the Monterey Bay area.
“We are delighted that Dignity Health is able to support the Monterey Bay Housing Trust,” said Nanette Mickiewicz, MD, Dominican Hospital president and MBEP board member. “Affordable housing is a critical need in the Monterey Bay region. Dignity Health is always looking for good partners with whom to engage on this important issue.”
Charged with increasing the availability of affordable housing for low-income households, Housing Trust is grateful that Dr. Mickiewicz suggested the possibility of a low interest loan from Dignity Health.
“This investment from Dignity Health is Housing Trust’s first investment from a healthcare provider, and we’re thankful to be partnering with them,” said Kevin Zwick, CEO of Housing Trust Silicon Valley. “The favorable and flexible terms will allow the Monterey Bay Housing Trust to support housing developers in creating new and preserving existing affordable houses in the Monterey Bay region.”
“At Dignity Health, we believe that there is a strong connection between housing and health,” said Pablo Bravo, Dignity Health’s vice president of community health. “We’re thankful to be a part of the housing solution.”
“We are thankful to Dignity Health Dominican Hospital for its leadership role in affordable housing,” said Kate Roberts, President of the Monterey Bay Economic Partnership. “MBEP has exceeded its $10 million fundraising goal thanks to partners like Dignity Health and we have already invested in three affordable housing projects in the region. More are on the way!”
About Monterey Bay Housing Trust. Monterey Bay Housing Trust is a collaborative effort of the Monterey Bay Economic Partnership and Housing Trust Silicon Valley to create a funding mechanism for affordable housing projects. MBEP is the local contact responsible for securing and deploying local investments and working with developers to submit loan applications that meet MBEP and Housing Trust Silicon Valley criteria. HTSV leverages locally raised funds by a 4:1 ratio and manages all aspects of loan origination, credit decision, and loan servicing processes.
About Monterey Bay Economic Partnership. Monterey Bay Economic Partnership 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. www.MBEP.biz
About Housing Trust Silicon Valley. Housing Trust Silicon Valley (HTSV) is a nonprofit community loan fund based in San Jose that works to improve quality of life for low-income people in our community by increasing affordable housing opportunities. Since 2000, HTSV has invested $145 million in programs that help everyone from the homeless to renters to first-time homebuyers – creating more than 15,000 affordable housing opportunities serving over 27,600 of our neighbors. It is the first nonprofit Community Development Financial Institution (CDFI) to receive a Standard & Poor’s rating, AA- because of its strong capacity to meet financial commitments. www.housingtrustsv.org
About Dignity Health. Dignity Health, one of the nation’s largest health care systems, is a 22-state network of more than 9,000 physicians, 63,000 employees and 400 care centers, including hospitals, urgent and occupational care, imaging and surgery centers, home health, and primary care clinics. Headquarter in San Francisco, Dignity Health is dedicated to providing compassionate, high-quality and affordable patient-centered care with special attention to the poor and underserved. In FY17, Dignity Health provided $2.6 billion in charitable care and community services. www.dignityhealth.org