Groundbreaking at Van Buren Senior Housing, a Development of MidPen Housing
On May 25th, Monterey Mayor Clyde Roberson and Jean Goebel, Executive Director of the Housing Authority of the County of Monterey, joined other city and county leaders to celebrate the groundbreaking of Van Buren Senior Housing, an affordable rental apartment community being developed by MidPen Housing.
Van Buren Senior Housing is a response to the tremendous need for affordable housing among the growing population of seniors in Monterey County where skyrocketing rents render many seniors at risk of homelessness. Today, one in six Monterey County residents is over the age of 60. By 2030, it is anticipated that number will grow to one in four.
Expected to welcome its first residents in spring 2018, Van Buren will transform a previously underutilized site one block from City Hall into a high-quality housing community for seniors age 62 years or older. Van Buren will also include an outdoor courtyard, a community room with a kitchen where residents can gather, and a fitness center. Ideally situated in downtown Monterey, Van Buren residents will be a short walk from parks, a library, a major transit center, a large grocery store, restaurants and retail.
“Housing in Monterey has become increasingly difficult for our valued senior residents to afford,” said Monterey Mayor Clyde Roberson. “So we’re excited to celebrate the groundbreaking of Van Buren Senior Housing which will provide 19 senior households with beautiful and affordable homes in the heart of our city where they’ll have easy access to transportation and many amenities.”
“We’re proud to expand our portfolio with Van Buren Senior Housing, MidPen’s first development in the City of Monterey,” said Jan Lindenthal, Vice President of Real Estate Development for MidPen Housing. “We applaud the City’s vision to set aside a premier piece of land to provide affordable housing for their growing population of seniors and hope it will become a model for future communities.”
Van Buren Senior Housing will provide 19 one-bedroom apartments for seniors age 62 and older earning up to 50% of Area Media Income which is $28,500 for a one person household and $32,600 for a two person household.
Financing for the $7.8M development was provided by the City of Monterey, the Housing Authority of the County of Monterey, the California Tax Credit Allocation Committee, Bank of America, and the Federal Home Loan Bank of San Francisco.
“As housing affordability in Monterey continues to dip into record lows, with just about only a quarter of the housing stock county-wide within an affordable price range, and the region’s senior population fast growing, it’s more important than ever to help ensure that our most vulnerable residents have a safe, nice place to call home in their twilight years,” said Bill Tebbe, Bank of America SVP for Business Banking for Monterey-Salinas. “Bank of America is a leader in affordable housing finance and was excited to work with MidPen, one of the most respected regional developers in Northern California, to provide over $7 million in financing to help make this important project come to life.”
All Van Buren Senior Housing residents will have access to onsite services provided by the Alliance on Aging, a multi-purpose senior service agency that provides direct services, information and education designed to help seniors live healthy, independent lives. MidPen Property Management Corp. will provide onsite professional property management.