Bay Area Housing Innovation Fund announces a $50 million investment in affordable housing project in Santa Cruz

SANTA CRUZ, Calif. (KION-TV) — Exciting news for Santa Cruz County: The Bay Area Housing Innovation Fund has announced its second major investment for affordable housing.

The Bay Area Housing Innovation Fund announced their support for the Harvey West Studios project in Santa Cruz.

Located at 119 Coral Street on the Housing Matters campus, it’s a $50 million fund that's set up in partnership with Destination Home, Cerato Philanthropies and Apple to provide 120 studio apartments for individuals experiencing homelessness.

“The individuals that are moving into the new building--Harvey West--will be extremely low income," Rebecca Foster the CEO of that Housing Accelerator Fund said. "No one will pay more than 30% of their income in rent, so they have more stability. They do not have to use up all their money for rent costs."

The facility will feature secured bike parking, residential amenities and crucial support services.

This initiative is set to become the largest permanent supportive housing development in Santa Cruz County, according to Housing Accelerator Fund.

This new project is set to start construction next month and will be ready for new residents in less than two years.