City of Monterey asks for proposals to develop affordable housing properties

MONTEREY, Calif. (KION) The City of Monterey is asking for proposals to develop four City-owned affordable housing projects.

The City said it is looking for development teams with experience in high quality, multi-family affordable housing. It is looking to partner with one or more developers to build the housing in four downtown areas, which currently contain the harbor yard, a parking lot, a parking garage and part of the City Hall campus used for offices, parking and storage buildings.

The properties are at:

• 417 Figueroa Street
• 442 Adams Street
• 438 Calle Principal
• Madison Street between Van Buren Street and Dutra Street

There are currently 550 affordable housing units in Monterey, according to City officials. About 80% of the units are apartments and 20% are owned through the First-Time Home Buyer Program.

“This is a significant opportunity to revitalize as many as four City-owned properties within the downtown while addressing the critical shortage in affordable housing,” said Community Development Director, Kimberly Cole. “We are eager to see what our partners in the development community propose.”

Interested teams are asked to submit development proposals by 4 p.m. Sept. 4 at the Housing Programs Office.