Low Cost, Tax-Exempt Financing Provided for the Monterra Village Apartments
The Monterra Village Apartments is an existing project located in Gilroy on a 2.38-acre site. The project consists of 33 restricted rental units and 1 unrestricted manager’s unit. The project provides 14 two-bedroom units, 16 three-bedroom units and 4 four-bedroom units. Building exterior renovations will consist of roof replacement, siding and balcony/deck repair and new paint. Interior renovations will include upgrades to the community room and kitchen, installation of a solar photovoltaic system as budget allows, and upgrades to the HVAC, plumbing and electrical systems. Individual apartment units will be updated with replacement of lighting, flooring, cabinets, countertops, kitchen appliances and bathroom ventilation fans. The rehabilitation of this project will provide affordable living in the City of Gilroy for an additional 55 years.