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The City of Salinas Preserves Affordable Housing for the Next 55 Years

TerraCorp. Property Management, the United Brotherhood of Carpenters and Joiners of America Local 925, Housing Sponsorship Corporation and the CMFA  recently partnered on an acquisition rehabilitation project consisting  of a 200 unit multifamily apartment community located in the City of Salinas, California.  The Gabilan Plaza – Phase I & II were constructed in the early 1970’s. Both phases consist of 100 units with a mix of one, two and three-bedrooms.

Through the use of tax-exempt financing, the site will undergo extensive remodeling designed to improve accessibility, comfort and energy and water conservation. Residents will soon enjoy new cabinets, fixtures, appliances and replacement of flooring where needed. In addition, space will be created for a computer center in the community room and the shared outdoor living space will gain a gazebo, tot lot with new equipment and seating area. The financing will preserve 198 units of at risk affordable housing for the City of Salinas for another 55 years.

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