The Challenge: Developing affordable multifamily housing
There are two major challenges for developers of affordable housing in Santa Clara County: costs and financing. First, there is the high cost of land and construction and the number of years it takes to complete a residential development. Second, there are not enough funding sources to fully finance all of the affordable housing we need; and the sources available are often difficult to access and complicated to use.
MidPen Housing Coalition is one of the most successful developers of affordable housing in Northern California. Since 1970 it has developed more than 6400 affordable homes for low-income working families, seniors and those with special needs in the greater San Francisco Bay Area and Monterey regions.
In 2008, Housing Trust Silicon Valley invested $500,000 of permanent financing to MidPen to make it feasible to develop the award-winning DeVries Place Senior Apartments -an affordable, 103-unit housing development for seniors. The loan led to much needed housing for our county’s seniors, while at the same time helping to revitalize downtown Milpitas.
The Housing Trust makes loans available to developers of affordable housing quickly without adding to the regulatory burden created by the necessary layers of affordable housing financing. We make loans for the acquisition, predevelopment, or construction of affordable housing at below-market interest rates in order to quickly and efficiently underwrite, close, and fund loans.
To learn more about our multifamily lending programs, click here.