SAN JOSE, Calif., Dec. 20, 2016 /PRNewswire-USNewswire/ -- An apartment community in Redwood City that is home to 55 low and very low income families will be preserved as affordable housing thanks to a multi-organization partnership.
MidPen Housing is purchasing the Atherton Court Apartments on Rolison Road with the help of an $11.2 million loan from Housing Trust Silicon Valley and a $5.9 million loan from the County of San Mateo. Once the sale is complete, MidPen will perform whatever deferred maintenance and property upgrades are needed to ensure a healthy and safe living environment for the residents, and will maintain a rent schedule that keeps the apartments affordable for low and very low income households.
"We're honored to receive this significant investment which will enable us to keep this property affordable to the families who've been calling it home for years," said Matthew O. Franklin, President of MidPen Housing. "As we continue to develop much needed new affordable housing we also appreciate the opportunity to preserve the affordability and improve the quality of already existing housing stock so less families are displaced or priced out of the market entirely."
The development includes 53 studios and two one-bedroom apartments. Almost half the households currently living there receive rental assistance.
The loan from the Housing Trust – the largest loan in its 16-year history -- is the second it has made in San Mateo County since redefining its service area to be the broader Bay Area region, not just Santa Clara County. In 2016, the Housing Trust invested $19.3 million in loans for affordable multifamily housing development with most of the funds being used for predevelopment and acquisition costs.
The funds from the County of San Mateo came from a $10 million loan program that was established by the County Board of Supervisors last summer using Measure A funds.
"This development shows the value of government and nonprofit organizations working together to find solutions to our region's affordable housing crisis," said Kevin Zwick, CEO of the Housing Trust. "We are pleased that these 55 families can enjoy the holiday season knowing that they will have a place to live next year that they can afford."
The mission of Housing Trust Silicon Valley is to make the region a more affordable place to live. As a nationally recognized Community Development Financial Institution (CDFI) with a AA- S&P rating, it provides loans for affordable multifamily rental property. It also has programs to help first-time homebuyers and provides grants to help individuals and families avoid or get out of homelessness. Since 2000, the Housing Trust has invested $109 million, leveraging $2.1 billion to create 13,872 housing opportunities.
It is the mission of MidPen Housing to provide safe, affordable housing of high quality to those in need; to establish stability and opportunity in the lives of residents; and to foster diverse communities that allow people from all ethnic, social, and economic backgrounds to live in dignity, harmony and mutual respect. Since 1970, MidPen has developed and professionally managed over 8,000 homes for low-income families, seniors and those with special needs. With offices in Foster City, Oakland, Santa Rosa and Watsonville, MidPen works in 11 Northern California counties. For more information visit: www.midpen-housing.org
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/housing-trust-silicon-valleys-loan-helps-save-homes-for-55-families-300382262.html
SOURCE Housing Trust Silicon Valley