Santa Cruz Celebrates Grand Opening of 50 Affordable Apartments
SANTA CRUZ, CA, September 4, 2026—Community partners and public- and private- sector stakeholders came together yesterday to celebrate the Grand Opening of MidPen Housing’s Jessie Street Terrace in Santa Cruz.
Once a 14-room hotel, Jessie Street Terrace has been transformed into 50 studio and one-bedroom permanent supportive housing apartments for residents earning up to 20-50% of Area Median Income (AMI) ($27,692-$79,100 for households of one to two people). Nearly half of the homes are designated for veterans, and another third are set aside for people who have experienced homelessness. Project-based vouchers from the Housing Authority of Santa Cruz County make every apartment even more affordable.
“Jessie Street Terrace demonstrates the transformative impact of state investment in affordable housing,” said Matthew O. Franklin, MidPen President and CEO. “With financial support from the California Department of Housing and Community Development, this community has more than tripled in size, creating more homes and expanding the resources that help residents build stability and thrive.”
Located within a mile of the Santa Cruz Beach Boardwalk with access to several bus lines, Jessie Street Terrace includes amenities such as a community room with kitchen, shared laundry and computer rooms, an outdoor terrace, and bike parking.
MidPen Property Management professionally manages the property. Residents have access to a comprehensive array of on-site services, programs, and case management, thanks to a deep collaboration between MidPen Resident Services with the Palo Alto VA and County of Santa Cruz Health Services Agency.
Jessie Street Terrace is made possible through significant financial support from the California Department of Housing and Community Development (HCD), including funding through the No Place Like Home Program, Veterans Housing and Homeless Prevention Program (a first for MidPen), Loan Portfolio Restructuring Program and California Housing Accelerator Program.
Additional funding comes from the Housing Authority of the County of Santa Cruz, JP Morgan Chase, Central California Alliance for Health, and Central Coast Community Energy.
“We’re proud to provide construction and permanent financing for Jessie Street Terrace, delivering new affordable homes with on-site services in Santa Cruz,” said James Vossoughi, Executive Director, J.P. Morgan Community Development Banking. “At J.P. Morgan, we believe strong communities create opportunity — and developments like this help make that possible by pairing stable housing with the support residents need to move forward. We’re honored to continue our work with MidPen Housing to create a place where residents can build stability, strengthen connections and thrive.”
The architect is The Paul Davis Partnership and the builder is Devcon Construction, Inc.
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About MidPen Housing
MidPen Housing is one of the most trusted, mission-driven developers, owners, and managers of high-quality affordable housing in California. Our mission: To provide safe, affordable housing of high quality to those in need; establish stability and opportunity in the lives of residents; and foster diverse communities that allow people from all ethnic, social and economic backgrounds to live in dignity, harmony and mutual respect. Founded in 1970, MidPen currently serves 22,800 residents at 142 properties in 12 Northern California counties. For more information visit: www.midpen-housing.org.