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First Housing Trust Loan to Habitat!

Housing Trust Silicon Valley just released the news of their loan to Habitat Monterey Bay for our newest 11-home affordable housing project, Rodeo Creek Court! Excerpt below, and read the full article here.



Housing Trust has further expanded its impact in Santa Cruz County by making its very first loan to Habitat for Humanity Monterey Bay to help build 11 homes on Harper Street in Santa Cruz.


While much of Housing Trust’s recent lending has been for predevelopment or land acquisition, this $1 million loan represents an exciting opportunity to support construction. Eleven new homes are planned with five duplexes and a single-family home that will be one story and designed to accommodate someone with a long-term or permanent physical or mental challenges. The development is in the Live Oak neighborhood of unincorporated Santa Cruz County, near an elementary school, a community park, and shops. In a county with a median sales price of over $848,000 (Zillow, June 2020), all 11 homes will be affordable for those earning between 50% and 80% of the area median income.


“Building affordable housing is an incredibly challenging endeavor, but Housing Trust Silicon Valley was a key partner who helped us get this across the finish line,” said Satish Rishi, CEO, Habitat for Humanity Monterey Bay. “We’re grateful for their help creating more safe, decent, affordable homes in our community.”


“It’s a real pleasure to partner with Habitat for Humanity Monterey Bay to help expand Housing Trust’s lending footprint in Santa Cruz County,” said Julie Mahowald, Interim CEO of Housing Trust Silicon Valley. “We’re longtime admirers of their work and are excited to see these new homes take shape.”


Habitat for Humanity Monterey Bay estimated its volunteers will provide approximately 80% of the labor required to build the homes. The groundbreaking at the site is scheduled for July 2020 anticipates welcoming the first homebuyers during March 2021.

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