CMFA Completed the issuance of $25,000,000 in Bonds for the Monterey Gateway Apartments
The Monterey Gateway Apartment project is the new construction of a 75-unit affordable multi-family apartment project. The project will be located on Monterey Rd, Gilroy, California. The project will be made up of 60 one-bedroom units and 15 two-bedroom units. Amenities will include a community room, laundry facilities, fitness center, picnic areas, pool/jacuzzi, community garden, meeting rooms, therapy rooms and central heat/cool. Rents will be restricted to senior households with incomes no greater than 50% through 60% of the area median income. This financing will create 74 units of affordable housing in the City of Gilroy for the next 55 years.