Celia Jiménez here, thinking about the affordable housing USA Properties Fund Inc. is currently building in the city of Marina. The company is constructing 142 units at two different locations. One at Imjin and 4th Street and another one at 2nd Avenue and 5th Street.
Usually, when I hear about affordable housing, the conversation revolves around how much is needed in the area and threshold percentages about who qualifies to live there that are hard to grasp if you don’t see figures.
This time, however, I got a price tag: $600. That would be the starting monthly rent for a unit in these multi-family buildings—less than half of what the median gross rent ($1,600) was in the county from 2016 to 2020.
USA Properties Fund is an affordable housing developer from Roseville and this is the first time they are building in Monterey County. “This is a huge project and is a milestone in our 40-year history,” says Jatin Malhotra, vice president of acquisitions at USA Properties Fund. “This area is in need of affordable housing,” he adds. The company manages 90 affordable communities with over 12,000 units in California.
The apartments in Marina are part of The Dunes development on the former Fort Ord. They could be finished as soon as the end of 2023 (Imjin and 4th Street) and 2024 (2nd Avenue and 5th Street). The apartments will be available for residents who have an income between 30-70 percent of the median income (between $23,880 and $55,720 for one person in 2022).
Victoria Critchfield, vice president of property administration at USA Properties Fund, says the rent is adjusted every year based on the U.S. Department of Housing and Urban Development schedule. So once people get situated they could pay a little more than $600, but it would still be a bargain because it is nearly impossible to find a room for that price in this area.
I asked Critchfield why it is important to provide affordable housing in the region. She says it is about creating a quality of life that everyone deserves. “Regardless of somebody's income level, people deserve to have the opportunity to live in quality homes, in a secure and great neighborhood.” Critchfield adds that people should live in a comfortable home—“that's what we tried to provide.”
Securing a place in an affordable housing community is not easy, as units tend to go off the market pretty quickly. Critchfield says many communities they manage have even closed their waiting lists. “It's indicative of the demand for affordable housing within the state,” she says.
Monterey County residents interested in living at any of these units can visit the company’s website and register for the waiting list. Critchfield says the company expects to start the leasing process, which includes an application and income verification, four months before they get the certificates of occupancy.
With so many affordable housing developments facing challenges, it is refreshing to see a project that is moving forward in the county.