City Council eyes $2 million loan to Heritage Housing Partners – Pasadena Now
As part of Monday’s consent schedule, the city council will consider an affordable housing loan agreement for a $2 million municipal loan with Heritage Housing Partners.
The loan will be used to acquire and rehabilitate the property at 2322 E. Foothill Boulevard.
The property will become a set of six affordable rental units for homeless and vulnerable young people of transitional age.
“HHP is proposing to renovate existing structures and reconfigure the existing five floor plans to provide six transitional housing units for homeless and at-risk youth, typically ages eighteen to twenty-four,” according to a staff report. from the city. “The proposed project will help address an unmet housing need among this population.
The six units will be no larger than 375 square feet. New drywall, flooring, bathroom and kitchen fixtures will be installed, along with microwaves, ranges, garbage disposals and refrigerators.
“Youth housing remains an unmet need in the city and across the region,” according to a staff report contained in Monday’s agenda. “According to a recent study, “State of Crisis: Dismantling Student Homelessness in California” from UCLA, an estimated one in five students at California Community College are homeless or unsure of their housing.”
According to this report, community colleges have the highest rates of homelessness and housing insecurity in California’s three public post-secondary education systems.
According to the city staff report, there are currently not enough affordable housing options for students and growing housing insecurity among students due to high rents poses serious barriers to academic success.
“Essential interventions for homeless youth include early and immediate access to interim housing and a clear pathway to long-term housing that will end their homelessness and support early stabilization, so they can connect to resources such as employment and education support,” the report reads.