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, pre-development or construction of affordable housing in the Monterey Bay Region, inclusive of Santa Cruz, San Benito and Monterey counties.

At the inception of the fund in July 2016, MBEP committed to raising $2 million in donations, which would be leveraged with funds from Housing Trust Silicon Valley lending capital in a four-to-one ratio. To date, public and private community partners have donated $2.25 million. Housing Trust Silicon Valley’s committed leverage brings total resources available for land acquisition and predevelopment loans to $11.25 million.

Loans made to affordable housing developers are repaid from construction financing, so Monterey Bay Housing Trust funds will be reinvested many times in the tri-county area. To date, three loans have already been funded — to Community Housing Improvement Systems Planning Association for the Castroville Oaks Affordable Housing Community, to For the Future Homes for the Water Street apartments and to New Way Homes for 180/2020 Permanent Supportive Housing in Santa Cruz.

The Monterey Bay Housing Trust has received contributions from a variety of public and private community partners. These generous contributors include: South Swell Ventures, City of Salinas, Monterey County, City of Gonzales, United Way Monterey County, David & Lucile Packard Foundation, City of Santa Cruz, County of Santa Cruz and City of Watsonville.

Projects Funded by the Monterey Bay Housing Trust:


1482 Freedom, Watsonville, CA

$2 Million Loan From Monterey Bay Housing Trust Supports Affordable Homes in Santa Cruz County

Monterey Bay Economic Partnership and Housing Trust Silicon Valley last week announced a $2.052 million acquisition loan to Eden Housing for 1482 Freedom, a site in Watsonville for an affordable housing development consisting of 53 affordable homes. The affordability will be restricted to those earning 20% to 60% of the area median income which, in Santa Cruz, is $132,400 for a family of four.

This development continues Eden’s green building efforts: the project will be all-electric and served by solar panels. The homes will be a mix of one- to three-bedroom with rents ranging from $423 per month for a one-bedroom to $1,936 for a three-bedroom unit. The location is close to the Center for Employment Training and in short walking distance from a supermarket, several bus stops, and restaurants.

“We applaud our partners at the City of Watsonville, Housing Trust Silicon Valley, and the Monterey Bay Economic Partnership for tackling the housing crisis with us by supporting this project,” said Linda Mandolini, president of Eden Housing. “We look forward to working with the community to create a welcoming home that instills pride in its residents.”

Funds for the loan were also provided by Dignity Health and TECH Fund, Housing Trust’s Silicon Valley’s investment vehicle that enables greater Bay Area entities to invest in affordable housing. TECH Fund investors include Cisco, the David & Lucile Packard Foundation, Google, The Grove Foundation, LinkedIn, NetApp, Pure Storage, and the Sobrato Family Foundation.

“This new project brings the total number of homes we’ve helped finance in Santa Cruz County to a total of 188 among three developments, including this one,” said Kevin Zwick, CEO of Housing Trust Silicon Valley. “Monterey Bay Economic Partnership and Eden Housing have a great plan and strong leadership to help move this new project forward. We’re proud of the ongoing collaboration with MBEP and are excited to see what’s next.”

“The pandemic has shown us again how critical affordable housing is to our safety net infrastructure,” said Matt Huerta, MBEP Housing Program Manager. “It takes strong collaboration and investment from all sectors to make this infrastructure a reality. Our community will recover more quickly and build resiliency as we build on this investment.”

Paloma Del Mar senior apartments, Freedom, CA

$4 Million Loan from Monterey Bay Housing Trust Supports Low-Income Housing for Seniors in Santa Cruz County

Monterey Bay Economic Partnership and Housing Trust Silicon Valley announced today a $4 million loan to BRIDGE Housing for a portion of the acquisition of Paloma Del Mar senior apartments with the purpose of maintaining affordability for low-income senior households in Freedom, CA.  The loan is part of a joint program between Housing Trust Silicon Valley and Monterey Bay Housing Trust (MBHT), which is designed to promote the development of affordable housing throughout Monterey, Santa Cruz and San Benito counties. MBHT is a program of Monterey Bay Economic Partnership. This is the fifth loan through MBHT since its inception in 2017.

Paloma Del Mar senior apartments, which are nearing 30 years in age, are located at 2030 Pajaro Lane, Freedom, a community in unincorporated Santa Cruz County. These affordable rental homes for seniors on fixed incomes were in jeopardy of converting to market rate housing if BRIDGE Housing did not acquire them and commit to maintaining affordable rents. No current tenants of the 130 units will be displaced as a result of the purchase.

“This investment from the Monterey Bay Housing Trust will help ensure that some of the most vulnerable seniors in our community continue to have affordable homes,” said Bud Colligan, MBEP board member and founder of Monterey Bay Housing Trust.

“Preserving the affordable housing we already have and reducing displacement is a critical way to address the regional housing crisis,” said Kevin Zwick, CEO of Housing Trust Silicon Valley. “We’re proud of our work with Monterey Bay Economic Partnership and are thankful we can help the residents of Paloma Del Mar keep the places they call home.”

The Monterey Bay Housing Trust has received contributions from a variety of public and private community partners: South Swell Ventures, Santa Cruz County, City of Santa Cruz, City of Watsonville, City of Salinas, Monterey County, City of Gonzales, United Way Monterey County, and the David & Lucile Packard Foundation. In addition, Housing Trust has leveraged investments from Dignity Health and others. The Monterey Bay Housing Trust loan also leveraged Housing Trust Silicon Valley’s other resources for an additional loan of $13.4 million – resulting in the organization’s biggest investment to date in the Monterey Bay region.

“For seniors, especially those with lower incomes, it makes all the difference in the world to have a stable, affordable place to live,” said Cynthia A. Parker, President and CEO of BRIDGE Housing. “We’re grateful for this innovative partnership and loan, which will help us preserve the affordability of Paloma Del Mar for the long term.”

“The preservation of this important affordable housing asset, particularly for our community’s seniors, is just as impactful as our work to add housing,” said Matt Huffaker, City Manager, Watsonville.

Castroville Oaks Affordable Housing Community

Castroville Oaks Affordable Housing Community –  Developed by Community Housing Improvement Systems & Planning Association, Inc. (CHISPA), Castroville Oaks will include 124 apartments and approximately 90 homes on a 44-acre site near the intersection of Highway 156 and Castroville Boulevard.

See the Press Release for more.


180/2020 Permanent Supportive Housing


180/2020 Permanent Supportive Housing – A New Way Homes‘ project, the Santa Cruz County development will create as many as 100 new studio apartments for extremely low income individuals, including veterans, who have been chronically homeless.

See the Press Release for more.


For the Future Housing


For the Future Housing – A For the Future project, the new development will include approximately 41 one- and two-bedroom apartments at 708, 712 and 718 Water Street in Santa Cruz. The homes will serve very low income individuals, including working families, and provide much needed support to our most vulnerable residents. Eight of these homes will be reserved for individuals with developmental disabilities.

See the Press Release or read the Water Street Case Study.


Click here to view the MBHT FAQ Sheet (PDF)

Click here to view the MBHT Term Sheet (PDF)

General questions and donations: Contact Alyssa Kroeger, Housing Program Manager, MBEP

Developer inquiry: Contact Jim Mather, Chief Lending Officer, HTSV

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

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, Former Board Co-Chair, Monterey Bay Economic Partnership