Information provided by Monterey Bay Economic Partnership.
On March 5, Monterey Bay Economic Partnership and Housing Trust Silicon Valley awarded 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, California.
According to a recent release, the loan is part of a joint program between Housing Trust Silicon Valley and Monterey Bay Housing Trust (MBHT) 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.
The Paloma Del Mar senior apartment complex, nearing 30 years in age, is located at 2030 Pajaro Lane in Freedom, a community in unincorporated Santa Cruz County. The release said that the 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 received contributions from a variety of public and private community partners, including 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, MBHT has leveraged investments from Dignity Health and others.
“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.”