US Affordable Housing Boost: Terracina at The Dunes Opens in Marina

In Marina, California, a new development is achieving two important objectives.

Terracina at The Dunes, a development by USA Properties Fund. It offers affordable living options to fixed-income retirees, hardworking families, and professionals just starting their careers. The reconstruction of the former Fort Ord Army base also includes it.

Marina Mayor Bruce Delgado said that the 142 new affordable units are a substantial number. He is delighted that these homes will provide lasting benefits to hundreds of families in our community for many years. More people can live and work in Marina thanks to Terracina at The Dunes. It will help the local economy, commuter traffic, and workers and employers alike.

The new apartments are located within The Dunes. It is a 1,237-home master-planned community with a sizable shopping center. It features Target, Kohl’s, Best Buy, REI, and Old Navy in addition to local eateries. The new flats are just a short walk away from the Promenade at The Dunes, which is nearing completion.

A few blocks away are several parks, California State University-Monterey Bay, and the beach. According to Geoff Brown, president of USA Properties Fund. Residents can enjoy everything the first-rate, master-planned community of The Dunes has to offer. It offers apartments and single-family homes to a regional shopping center—all in a coastal community.

The company’s first apartment complex in Monterey County and along the Central Coast, one of California’s most expensive real estate areas, is Terracina at The Dunes.

For a little cost, USA Properties Fund purchased two parcels from Marina Community Partners, totaling 6.5 acres. Additionally, Marina Community Partners contributed nearly $8 million to support the construction on the site of a former Army installation that decommissioned thirty years ago.

Visited an Old Gem today in Myrtle Beach. The Dunes was built in 1947 and is a “ great piece of architecture “. Course challenges are right in front of you. Classic design for sure. Just imagine how much different Myrtle was in 1947 ? pic.twitter.com/6lJoK1eRKK

— kevin downing (@KDturf) November 18, 2024

CalHFA Opinions

The subsidies and a public-private collaboration involving JPMorgan Chase, WNC, and the California Housing Finance Agency (CalHFA) made the $71 million project feasible. Through its Mixed-Income Program, CalHFA provided a long-term permanent loan, tax-exempt bonds, and subsidy funding for the project. In contrast to conventional affordable housing rules, people can earn a greater variety of income levels and still be eligible for Terracina at The Dunes under the state program.

According to Tiena Johnson Hall, executive director of CalHFA. CalHFA created its Mixed-Income Program to finance developments like Terracina at The Dunes, which will provide housing at various low-income levels in a very high-cost county. This integrated community will genuinely improve the lives of the locals, who deserve a secure place to call home.

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