MONTEREY – Monterey Bay Silicon Valley Economic Partnership and Housing has announced a $ 680,000 acquisition loan to Community Housing Improvement Systems and Planning Association Inc. for the purchase of real estate in King City for affordable housing.
CHISPA is slated to buy the property, which consists of five vacant lots, each of which will build a two-story apartment building with eight apartments, creating 40 affordable apartments for agricultural workers in the region.
“We are thrilled to help drive more investment in King City and South Monterey to serve the families of agricultural workers who form the backbone of our region’s workforce,” Keith Roberts, President and CEO of the Monterey Bay Economic Partnership, said in a press release. “The future of CHISPA’s permanently affordable rental housing at Mills Ranch is part of the Salinas Valley Farm Workers Housing Action Plan to create 3,500 new homes over five years.”
Originally planned for 2007, the developer of the project, which owned the property, left during the Great Recession. The property, located close to parks, a medical clinic, public transport, schools, a library and grocery stores, was acquired by the new owner through a buyout who sold it to CHISPA.
“We are proud to be once again involved in the exciting development of Monterey County, four years after this partnership provided the first CHISPA loan,” said Noni Ramos, CEO of the Silicon Valley Housing Trust. “There is a great need for affordable homes in Monterey County and we are grateful for the opportunity to work with CHISPA, MBEP and other partners to move projects forward quickly.”
The mission of the Monterey Bay Economic Partnership, a regional nonprofit organization, is to improve economic health and quality of life in three counties: Monterey, San Benito, and Santa Cruz, and the Housing Trust Silicon Valley, a nonprofit public loan fund that works to improve quality. the lives of people with low incomes by increasing affordable housing opportunities.
The Community Housing Improvement and Planning Systems Association is a non-profit organization that builds affordable apartments and single-family homes and manages affordable housing for sale and rent.