MONTEREY – The Monterey Bay Economic Partnership and Housing Trust Silicon Valley announced a $ 680,000 acquisition loan to the Community Housing Improvement Systems and Planning Association Inc. to purchase real estate in King City for affordable housing.
The plan is for CHISPA to buy the land, consisting of five vacant lots, on each of which a two-story apartment building with eight units will be built, creating 40 affordable units for farm workers in the region.
“We are excited to support more investments in King City and South Monterey Counties that will benefit the farming families who are the backbone of our region’s workforce,” said Kate Roberts, President and CEO of Monterey Bay Economic Partnership, in a press release . “CHISPA’s future permanent affordable rental housing at Mills Ranch is part of the Salinas Valley Farmworker Housing Action Plan’s goal to create 3,500 new homes over five years.”
Originally planned in 2007, the developer of the project that owned the property left during the Great Recession. The property, near parks, a medical clinic, public transportation, schools, library, and grocery stores, was acquired from foreclosure by a new owner who sold it to CHISPA.
“We are proud to be part of an exciting development in Monterey County four years after this partnership granted CHISPA its first loan,” said Noni Ramos, CEO of Housing Trust Silicon Valley, in the press release. “There is a great need for affordable housing 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 regional non-profit Monterey Bay Economic Partnership is to improve economic health and quality of life in three counties of Monterey, San Benito, and Santa Cruz, and the Housing Trust Silicon Valley, a community not-for-profit fund, works to improve the quality of life by low-income people by increasing opportunities for affordable housing.
Community Housing Improvement Systems and Planning Association is a not-for-profit organization that develops affordable apartments and single-family homes, and manages affordable housing for sale and rent.