Coalition in Monterey launches affordable housing fund

A group of city leaders and community members have launched a new Neighborhood Housing Fund for Monterey.

One of the board members and Vice-Mayor, Timothy Barrett, says there are several goals of this group. “Maintain the integrity of community, foster healthy, functional socio-economically, diverse multi-generational neighborhoods, collocate workforce to existing jobs and reduce commute traffic, carbon emissions and congestion on local roadways,” says Barrett.

The approach for this neighborhood focused fund will be “supporting legitimate projects that meet municipal inclusionary housing goals thereby leveraging density bonuses and gaining additional units, assist distressed property owners to maintain their homes as affordable housing, spurs collaboration between healthcare providers, employers and housing developers.”

Since this fund is just launching there is currently no money yet, but they plan on raising it through public and private investors and fundraising opportunities.

According to officials the city needs about 650 housing units to meet the needs of the city.

Approximately 80% of the workforce lives outside of Monterey and have to commute to their jobs.

Superintendent of Monterey Peninsula Unified School District, PK Diffenbaugh, says he’s joined the group because he’s seen the direct impact housing has had on the schools and keeping teachers.

Diffenbaugh says they have to replace 80 to 100 teachers each school year, mostly because of housing, “a vast majority are individuals that are moving on to a place where they can afford to live, afford to buy a home, afford to raise a family, and so it’s a challenge for the distraction order to maintain the moment we’ve created over the past five years so we are going to have to help solve the housing problem.”

The school district owns some of the land at Fort Ord and is looking to use it to build affordable workforce housing.

Former Congressman Sam Farr is also a part of the coalition. He grew up in Carmel and says he remembers when those working their could actually live in the same city.

Farr says if smaller cities do not start building more affordable housing to keep up with the growing populations, the state government could step in.

“Our communities could begin losing their appeal. There’s a high risk, but the legislature is threatening if you don’t start building this housing we’ll take away your authority to prevent it from being built,” says Farr.

The NHFM will be holding a community meeting on August 21st to start this discussion about housing problems people living and working here are seeing.