Freedom apartments will remain affordable senior housing with help from loan

FREEDOM, Calif. (KION) An apartment complex in Freedom will remain affordable senior housing with the help of a loan from two organizations.

The Paloma Del Mar Apartments are about 30 years old and were nearly converted into market-rate housing. Currently, the apartments are rented to seniors with fixed incomes. They would have become market-rate housing if BRIDGE Housing did not acquire them and commit to maintain affordable rent. None of the current tenants will have to leave.

A $4 million loan from Monterey Bay Economic Partnership and Housing Trust Silicon Valley will go to BRIDGE Housing to cover part of the purchase.

The loan is part of a joint program between the two agencies that is designed to promote the development of affordable housing in Monterey, Santa Cruz and San Benito counties.

“Preserving the affordable housing we already have and reducing displacement is a critical way to address the regional housing crisis,” said Kevin Zwick, CEO of Housing Trust Silicon Valley. “We’re proud of our work with Monterey Bay Economic Partnership and are thankful we can help the residents of Paloma Del Mar keep the places they call home.”