Developer Loan Results

HEART has invested over $14 million

in the construction or renovation of 1,056 affordable rental homes and has funded the following developments:

  • 2821 El Camino Real, North Fair Oaks (uninc. Redwood City), 67 rental units for at-risk vets, homeless, and special needs individuals. (pre-development)
  • Bay Meadows, San Mateo, CA.  68 rental homes for working families. (pre-development)
  • Oceanview Apartments, Pacifica, CA.  100 rental homes for seniors.
  • 612 Jefferson Avenue, Redwood City. Habitat for Humanity – 20 for sale condos to working families. (pre-development)
  • Willow Veterans Housing, Menlo Park VA Campus. 60 rental units for homeless and at-risk vets.
  • Serenity Senior Housing, East Palo Alto, CA. 46 rental homes for seniors. (Opened Nov. 2017)
  • Waverly Place, North Fair Oaks (uninc. Redwood City), 16 units for special needs individuals. (under construction) 
  • 636 El Camino, South San Francisco, CA. 109 rental homes for working families.
  • Delaware Pacific, San Mateo, CA.  120 rental homes for working families.
  • Peninsula Station, San Mateo, CA.  68 rental homes for working families.
  • Trestle Glen, Colma, CA.  119 rental homes for working families.
  • The Village at the Crossing, San Bruno, CA.  228 rental homes for seniors.
  • Hillcrest Senior Housing, Daly City, CA.  40 rental homes for seniors.

Meet Your Neighbors:

HEART makes $3.5M loan for land acquisition in North Fair Oaks neighborhood of Redwood City

 Largest loan to date for 67 units

HEART made its largest loan to date, $3,500,000, to Palo Alto Housing Corporation (PAH) to acquire a 0.59 acre parcel of land at 2821 EL Camino Real in North Fair Oaks. PAH plans to construct 67 units of affordable rental housing for low and very low-income families and homeless/at risk veterans. This is HEART’s first partnership with PAH, and its second investment in North Fair Oaks. HEART previously made a $700,000 loan for predevelopment costs to the Mental Health Association of San Mateo County for 16 units of housing for individuals with special needs.
“The Board of Supervisors invested in HEART, which provided the capacity to make this type and size of loan. This is exactly the kind of critical, high-impact lending that HEART was created to do,” said HEART Board Chair, Supervisor Don Horsley of San Mateo County.  The planned units, which will be built on a site currently occupied by Enterprise Rent a Car, will include 67 studio and one-bedroom apartments for households with incomes between 30%-60% of the Area Median Income (AMI). Twenty- seven units will be reserved for homeless or at risk veterans and an additional six units will house homeless/at risk individuals with mental illness.
“It was a pleasure working with PAH on this loan. We only had three weeks from start to closing but PAH, our Board and everyone on our team was committed to making it work.” said Armando Sanchez, HEART’s executive director.
PAH anticipates starting construction in early 2019, and lease up in late 2020.

A solid foundation for 100 seniors in Pacifica

BRIDGE Housing and HEART celebrate the rededication of renovated apartments in Pacifica in April 2017

HEART, the County and other lenders worked with BRIDGE Housing to restructure all loans when BRIDGE bought the property 2016. Major renovations have been completed.

In 2008, National Church Residences faced the possibility of having to shut down a 100-unit senior development in Pacifica due to badly needed roof repairs. Faced with the possibility of evicting 100 seniors, the City of Pacifica asked HEART to assist the project. HEART was able to quickly approve a $500,000 loan to save the units.

In 2015 HEART, along with the County of San Mateo and others, agreed to restructure their loans so that the property could be sold to BRIDGE Housing under a new financing arrangement. BRIDGE renovated the building, by replacing aging building elements and systems with more efficient and higher-performing alternatives, making energy efficient upgrades and providing new property amenities. The grand rededication was in April 2017 and all are proud that the affordability will be preserved for the next 55 years.

“You gave me a roof over my head”

David worked with the California Department of Rehabilitation in San Mateo County for seven years providing vocational services. Lack of stable housing was often an issue for his clients and he knew about HEART’s work. He initially had an affordable apartment as a part of his job as a property manager, but when he retired, his rent increased from $1,400 to $2,300 a month and he could no longer afford to live in the Bay Area. He praises his newly-renovated one bedroom apartment and can’t believe his good fortune to be able to retire and live in Pacifica.

Contact BRIDGE Housing for rental information:

HEART provides funding for very low income housing at Bay Meadows

$500,000 loan for Bay Meadows Affordable Housing, a 68-unit apartment complex on South Delaware Street in San Mateo

Bay Meadows Affordable Housing will provide one, two and three-bedroom apartments for families making between 30 percent and 50 percent of the area’s median income. This means a family of three earning between $33,000 and $55,000, or a single person earning between $25,000 and $43,000 will be able to afford a home in San Mateo.

The site is centrally located near the Caltrain line and, once the grade separation project at 28th Avenue is completed and the Hillsdale Caltrain Station is relocated, residents at this development will have great access to job centers along the train corridor and to Samtrans bus lines along El Camino Real.

HEART made the $500,000 loan to BRIDGE Housing for predevelopment expenses for the planned $50M affordable housing project. “Financing for affordable housing is always difficult to obtain, so we are pleased that HEART was able to provide this key funding,” said Supervisor Don Horsley, Chair of the HEART board. “I was particularly pleased that HEART was able to coordinate with developers and city staff to quickly assess the project and provide the funding within three weeks of the application. Quick turnaround makes a difference for important projects such as this.”

BRIDGE Housing will use HEART’s loan to pay for architectural design and engineering expenses. “We rely on HEART for early funding that we couldn’t get elsewhere,” said Ali Gaylord, Director of Development at BRIDGE Housing. “HEART is an example of flexible, immediate funding.”

This is HEART’s third pre-development loan to a project being developed by BRIDGE Housing. BRIDGE Housing has selected architect Leddy Maytum Stacy Architects, which designed the neighboring Nueva School. Using the same architect will create a cohesive feel for the neighborhood. BRIDGE Housing expects construction will start in 2018.

To find out more about applying for housing or call Tel: 415.989.1111



HEART makes $700K loan to Core Housing for pre-development of 60 homes for veterans at the VA in Menlo Park

Willow Housing, 60 units for homeless and at-risk veterans and their families, opens on the VA campus in Menlo Park in March, 2016.

Navy veteran James Mason in the kitchen of his new home.

Navy veteran James Mason in the kitchen of his new home. “I feel like I’ve been given a new lease on life.”

HEART made a $700,000 loan to Core Affordable Housing for the development of 60 units of affordable apartments for very-low and extremely low-income families, including at-risk and homeless veterans and their families on the Menlo Park VA site. Willow Housing features 54 studio apartments and six 1-bedroom units, and space for an on-site manager. Emergency Housing Consortium (EHC) Life Builders will provide on-site supportive services.

My Mission Is To Share What I’ve Learned

James Mason left for Vietnam 43 years ago on a ship from Alameda. He served his country in the navy, and when he returned to his home town of San Francisco he worked a variety of jobs – including as a firefighter for the city of Oakland. The past few years have not been good for him. He had congestive heart failure, COPD, a stroke, lost his home, and could no longer work.

Now he has a different story to share as one of 60 new residents in the Willow Housing apartments for homeless and at-risk veterans, located on the campus of the Menlo Park VA.

Willow Housing is part of a federal initiative to address veterans’ homelessness by identifying and repurposing underutilized VA land and buildings for veteran housing. HEART made an early stage, pre-development loan of $700,000 and was part of a dozen partners who came together, including the City of Menlo Park & the County of San Mateo.

The 60-unit complex is an affordable housing alternative that was created to provide high-quality, accessible homes in a supportive environment for veterans close to the essential services many depend on. The project was developed by CORE Affordable Housing in partnership with EAH Housing, which manages leasing, maintenance, and operations; and HomeFirst which provides specialized support services in-house.

James is currently retired and studying filmmaking at his local community college. “When I was homeless I had no idea what would come next. Now that I have a new and affordable home, I want to share my experiences and strength with others. Now that I have this new opportunity, for which I am very grateful, it feels like I’ve been given a new lease on life.”


The Power of Partnerships: 41 homes for seniors in East Palo Alto

HEART board members (MidPen photo) 3.17.16

HEART board members Barbara Evers of Boston Private Bank (center) and Supervisor Warren Slocum (2nd right) and HEART staff Paula Stinson, at the groundbreaking on March 17 with Matt Franklin, ED of MIdPen Housing (left) and Robert Jones, ED of EPA Can Do.

Groundbreaking in East Palo Alto on March 17, working together to assemble land and design and fund a site

The origins of the University Avenue Senior Housing project (University Senior) lay in EPA CAN DO’s recognition of the deep need for affordable senior housing in the East Palo Alto community.

Committed to that vision and the community’s need, EPA CAN DO has been working tirelessly over a number of years to assemble parcels for this project. By early 2013, EPA CAN DO had acquired five parcels on the 2300 block of University Avenue, borrowing a total of $2.1M from various lenders including HEART and the County of San Mateo.

MidPen Housing was then approached by the County of San Mateo to assist in evaluating the feasibility of EPA CANUniversity Senior - 1 DO’s project, which had stalled. MidPen worked quickly to complete density studies of the site and the financial analysis. Based on this work, the site would be able to accommodate 41 affordable units for seniors if the missing lot could be secured to create a contiguous parcel MidPen was able to work with EPA CAN DO to gain site control of the sixth and final lot necessary to assemble the 0.75 acre parcel for the 41-unit project. Acquisition financing closed in fall 2013 with new financing from Boston Private Bank and HEART, in addition to existing financing from the County of San Mateo and HEART. With the land assembled, MidPen, in partnership with EPA CAN DO, was able to move forward on design, approvals, and financing.

University Senior is a response to the tremendous need for affordable housing for seniors in San Mateo County. When construction completes in early 2017, the community will provide 41 affordable rental homes to very-low and extremely low income seniors, including apartments targeted to frail and elderly households, in the heart of East Palo Alto.

University Senior adds vitality and strength to University Avenue,  the City’s main thoroughfare. The site is well serviced by public transportation, and  is proximate to many amenities, including local shopping centers, and community services like the public library, supermarkets,  pharmacies and the local community senior center. This combination of addressing community need while simultaneously improving the neighborhood, was at the core of EPA CAN DO’s initial vision for the development, and was a driving factor in the partnership with MidPen.

HEART restructures loan to Ocean View housing in Pacifica, preserves affordability for 100 senior residents

Catherine H., Ethel R. and Helen E. celebrate their homes at Ocean View senior housing in Pacifica

Catherine H., Ethel R. and Helen E. celebrate their homes at Ocean View senior housing in Pacifica

BRIDGE Housing buys site from National Church Residences

PACIFICA, CA, October 27, 2015—National Church Residences has completed the sale of Ocean View Senior Apartments to BRIDGE Housing. This transaction will preserve Ocean View as an affordable housing community for seniors in Pacifica and pave the way for new capital improvements. HEART made a $500,000 loan to NCR in 2008 for capital improvements, and has restructured the loan for the sale to BRIDGE.

celebration grand opening smallIn 2000, National Church Residences acquired the 100-unit Ocean View at the request of the City of Pacifica, with the goal of sustaining the property’s affordability. For 15 years, National Church Residences delivered on that goal while providing high-quality property management and raising needed funds for roof replacement and other improvements. In recent times, National Church Residences had been pursuing a refinancing of Ocean View to repay two maturing loans and address capital needs.

“We determined it was in the best interest of the Ocean View community to engage a mission-minded partner like ourselves with the local presence needed to execute new financing terms and oversee the rehabilitation,” said Steve Bodkin, Chief Operating Officer, Housing, National Church Residences. The organization reached out to BRIDGE, a leading nonprofit developer, owner and manager of affordable housing headquartered in California.

BRIDGE will commence renovations next month with new financing in place, including tax-exempt bonds, additional funding through California Housing Finance Agency, restructuring of existing debt with the San Mateo County and the Housing Endowment and Regional Trust (HEART), and the addition of low-income housing tax-credit equity. The renovations will replace aging building elements and systems with more efficient and higher-performing alternatives, restore and enhance the physical condition of the building, and ultimately enhance residents’ quality of life. The recapitalization also provides funding to enhance on-site services. Residents will have access to programs such as wellness and nutrition classes and referral services, free of charge.

All current residents will be able to remain in their units for the long term, and new deed restrictions have been placed on the property to ensure rent restrictions will continue for 55 years. Ocean View is affordable to seniors whose annual incomes range from approximately $14,928 to $84,500 (minimum income standard to 80% of Area Median Income, depending on household size), though 31 apartments will have additional subsidy provided by the Housing Authority of the County of San Mateo to serve people with lower incomes.

“We are delighted to have partnered with National Church Residences during this transition,” said Cynthia A. Parker, President and CEO of BRIDGE. “Ocean View provides much-needed housing for seniors in Pacifica, and we look forward to keeping it that way for the next 55 years.”


HEART makes $500K loan to Habitat GSF for land acquisition in Redwood City

Habitat RWC Jefferson 1 (2)

For proposed 20 homes on Jefferson Ave

HEART approved a $500K loan to Habitat for Humanity GSF for land acquisition on Jefferson Ave. in Redwood City. Part of the State Prop 1C funds, the HEART loan will support the beginning of a five-year project to create 20 condos for sale to qualified families through the Habitat ‘sweat equity’ mode. The development will feature a mix of one, two and three-bedroom homes for sale to low-income families.

Please contact Habitat for Humaity Greater San Francisco, for more information.

New HEART film: Public/Private Partnership Success in South San Francisco

Meet Julie – she and her family have an new affordable home at 636 El Camino family housing in South San Francisco

This story is an inspiring example of a public/private collaboration among HEART, Genentech, MidPen Housing, the City of South San Francisco and San Mateo County.

San Francisco native Julie Soeganda had a good life: a husband who worked as a line cook, four children, a stable job as a library researcher with a law firm in San Francisco and an apartment they could afford in Daly City. That all changed when she was let go from her job of 11 years with no notice.

Everyone knows someone in the Bay Area who has been abruptly laid off, and tried to find another job in a competitive environment. Everyone knows someone who has been looking for work while the bills are piling up, and the bank account is dwindling. The Bay Area has just been ranked the “least affordable” rental market in the county by the Low-Income Housing Coalition with the average rent of $2,300 for a two-bedroom apartment.

Many families are one paycheck away from disaster, and that’s what happened to Julie and her children. After a year of job searching and unemployment they could no longer afford the in-law unit they were renting, and became homeless. The stress took a toll on the family, and Julie and her four children moved into First Step for Families in San Mateo, operated by InnVision/Shelter Network for four months, and then on to Family Crossroads in Daly City. They had shelter, but lots of stress on their family, no car and no full time job.

That’s when they “won the lottery” to be able to rent a 3-bedroom apartment at 636 El Camino Real, new affordable homes for families in South San Francisco. Over 2000 people applied for 108 units, and Julie still can’t believe they were chosen and now have a home.

HEART, the Housing Endowment and Regional Trust of San Mateo County received a $1M donation from Genentech for housing in South San Francisco in 2009. Because HEART is a public agency, they approached the City of South San Francisco and found out about the proposed project with MidPen. The early funds helped jumpstart the process and, four years later the apartments and finished and rented to families like Julie’s.

“I feel like I can finally breathe again,” she said. “All of my children are in stable schools or daycare, and because we have a permanent home, I can sign them up for afterschool activities. They’re all really thriving. Thank you to everyone who worked together to get these wonderful homes built”

New Developer Loans – Notice of Funds Available

$700K available in two HEART loan products

August 6, 2012 – The Housing Endowment and Regional Trust of San Mateo County (HEART) is pleased to announce the availability of $700,000 for housing development projects. As the funds are revolving and so long as there’s an unallocated funding balance, HEART will continue to accept applications for review. However,  the funds may be allocated to a single project. The $700,000 proceeds are provided from State Proposition 1C.

The goal of the NOFA is to increase the long-term supply of affordable housing through primarily providing loan assistance for the development of multi-family rental housing.

Funding will be provided through two programs: (1) QuickStart, an existing short-loan program, and (2) SemiPerm, a new program that provides medium-term loan options.

Click Here to Download a Notice of Funding Availability

Download the developer pre-qualfication form here

Download the QuickStart/SemiPerm loan application here

HEART makes loans to developers to build affordable rental homes

An affordable home for a new family…..”

Chris Dubon and Nikole Kosier have a new son and an affordable apartment at Trestle Glen family apartments, near Colma BART. Chris recently graduated from college, and longed to return to his home in South San Francisco. He now has an entry-level customer service job in San Mateo, and can support his family while Nikole finishes her degree and takes advantage of the on-site child care center.

HEART made a $2.5M loan to Bridge Housing to help this project succeed. See our building loan results here.

Trestle Glen is the best thing that has happened to us

“We have a safe, warm place for our children…”

Gumshu and Roi were political refugees from Burma. Gumshu worked in restaurants, and now owns his own sushi stand in a Redwood City. “Getting an apartment at Trestle Glen is the best thing that has happened to us. We were living in an illegal in-law unit without heat, and this new building is so much better for our children.” HEART worked with BRIDGE Housing to develop this 119-unit complex next to Colma BART.

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