Packard Foundation contributes $200K to Monterey Bay Housing Trust – California News

Packard Foundation contributes $200K to Monterey Bay Housing Trust – California News

Marina >> The Monterey Bay Housing Trust has gained another contributing donor in its quest to invest in regional solutions to the affordable-housing crisis and surpassed its cumulative goal to reach the $11,250,000 mark.

The David and Lucille Packard Foundation has joined eight other donors in contributing funds to the housing trust, investing $200,000, it was announced in a Monterey Bay Economic Partnership press release Wednesday.

Matt Huerta, MBEP housing program manager said that the housing trust has surpassed its cumulative goal of $10 million dollars.

The trust was formed last year through a partnership of Monterey Bay Economic Partnership and Housing Trust Silicon Valley, with the goal of providing loans for affordable housing in the Monterey Bay Region, including Monterey, Santa Cruz, and San Benito counties.

Last month the economic partnership announced the funding of the first loan from the housing trust of $500,000 to Community Housing Improvement Systems & Planning Association, Inc., to assist in the development of the Castroville Oaks Affordable Housing Community. Funding is in the works for additional projects and will be announced in the coming months.

“The amount of support we’ve received from regional contributors speaks volumes about the recognition of the need for more affordable housing through the tri-county region,” said Bud Colligan, MBEP co-chair. “It’s great to have the support of institutions like the Packard Foundation as MBEP’s housing efforts move forward.”

All funds contributed to the Monterey Bay Housing Trust are matched four-to-one by Housing Trust Silicon Valley. That means…

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