May 1, 2018

MBEP Receives Over $700K in New Funding to Build on Housing Initiative Success

Marina, CA (May 1, 2018)Monterey Bay Economic Partnership (MBEP) announced today the addition of two new funding partners to expand its affordable housing efforts: the Monterey Peninsula Foundation and the Community Foundation for Monterey County. The Monterey Peninsula Foundation is providing $627,000 over three years. The Community Foundation for Monterey County is granting $50,000 in 2018, and anticipates granting an additional $100,000 total in 2019 and 2020.

Building on Success.  MBEP first launched its housing initiative in 2016 and quickly achieved several short-term objectives to support its long-term goal of creating more affordable housing throughout the Monterey Bay region. In partnership with the Housing Trust of Silicon Valley, MBEP has built the Monterey Bay Housing Trust into a $12M revolving loan fund to use for affordable housing projects. In addition, the MBEP Action Center and MBEP’s community engagement efforts have mobilized the community around several successful campaigns that have enabled more affordable housing to be built. Finally, MBEP’s Employer Sponsored Housing efforts are helping to create more employer engagement as one important piece of the puzzle in solving our housing crisis.

“We are delighted that this new funding will enable MBEP to expand our resources and tools across the region. We will be able to leverage other affordable housing funding models, increase our regional coordination with partners, and conduct research on important issues pertinent to our local housing constraints. The additional funding will enable us to move closer to our goal of affordable housing for all residents.” said Kate Roberts, President of MBEP.

The boards of the Monterey Peninsula Foundation and Community Foundation for Monterey County feel this is the opportune time to invest additional funds directly in MBEP’s successful housing efforts. Both foundations are members of MBEP.

“We believe building the capacity of MBEP to coordinate and respond to unique needs across San Benito, Monterey, and Santa Cruz Counties will yield important gains as communities share strategies and resources to address the issue,” said Steve John, President and CEO of Monterey Peninsula Foundation. “As we took a deeper dive into regional housing issues and how our funds might leverage important work, MBEP was the clear leader and we are delighted to offer support in the coming three years.”

“Affordable housing and homelessness are critical issues affecting our entire region. In addition to bringing together stakeholders and making grants to organizations working in this area, we felt it was key to make a strong investment to support more affordable housing. We’re proud to bring our grantmaking resources to bear on this partnership for greater impact,” said Dan Baldwin, President/CEO of the Community Foundation for Monterey County.

About MBEP. 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. Visit www.mbep.biz for more information.

About Monterey Peninsula Foundation. Monterey Peninsula Foundation is a 501 (c)(3) nonprofit organization which donates funds from the proceeds of the AT&T Pebble Beach Pro-Am on the PGA TOUR and the PURE Insurance Championship Impacting The First Tee, a PGA TOUR Champions tournament. The Foundation focuses on improving the quality of life in Monterey, Santa Cruz, and San Benito counties. For more, visit www.montereypeninsulafoundation.org, www.attpbgolf.com, or www.pureinsurancechampionship.com.

 About Community Foundation of Monterey County. The mission of the CFMC is to inspire philanthropy and be a catalyst for strengthening communities throughout Monterey County. Thanks to generous community members who have created charitable funds in their lifetimes or through their estates, the CFMC has granted more than $167 million since 1981 to nonprofits working towards healthy, safe, vibrant communities. For more information visit www.cfmco.org, call 831.375.9712 or stay connected at www.facebook.com/cfmco or www.twitter.com/cfmco.