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:
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 – 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 – 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.
General questions and donations: Contact Matt Huerta, 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, Co-Chair, Monterey Bay Economic Partnership