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11/02/18
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The Crossings on Monterey, a 39-unit affordable housing development in Morgan Hill, has just broken ground. The project, a development of Urban Housing Communities LLC, a Santa Ana-based, LEED Award winning developer, is located at 16800 Monterey Rd, at Bisceglia Ave.
The Crossings on Monterey will include one-, two- and three-bedroom apartments. The three-story complex is scheduled for completion in December 2019 at a total cost of $21 mil.
The development will provide on-site recreational and social services for tenants. Scheduled VTA bus #68 provides transportation services during the day every 20 minutes at the site, with Caltrain service within one half mile. Tenants will pay monthly rents at 30% to 60% of area medial income (AMI), which are currently between $672 and $1,863, depending on the unit size.
Financing of the project includes Measure A funds from the County of Santa Clara, funds from the City of Morgan Hill, project-based Section 8 Vouchers from the Santa Clara Housing Authority, tax credit equity from HUNT Capital Partners, and a construction/perm loan from Citibank NA.
The project was designed by WHA, an architectural, land planning and design firm. The general contractor is SBI.
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