Suntrust Community Capital

  • AFFORDABLE HOUSING

    Growing Costs Add Pressure

    Bank leaders discuss longer and larger construction loans for building projects.

    4 MIN READ
    MidPen Housing Corp. is developing Moon Gate Plaza, a 90-unit affordable and supportive housing development in the Chinatown neighborhood of Salinas, Calif. The development will include 40 units reserved for individuals who are homeless or persons with mental illnesses, disabilities, or multiple chronic health conditions. It will also have more than 9,000 square feet of commercial space for community-serving organizations, including those involved in health, education, and the arts, and will include an art gallery and artist studios. Bank of America Merrill Lynch is providing a $29.8 million construction loan, $25 million in federal 9% LIHTC equity through a direct investment, and $6.9 million in state LIHTC equity through a direct investment. The development also received support from the city, Monterey County Health Department, Central California Alliance for Health, Federal Home Loan Bank of San Francisco, and 53 project-based vouchers from the Housing Authority of the County of Monterey.

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