Affordable housing complex with 142-units opens in desirable, pricey California community

This project, approved for financing through CalHFA’s Mixed-Income Program (MIP) in 2022.Photo byCourtesy Photo

On Thursday, October 10, Housing Finance Officer Kevin Brown represented the California Housing Finance Agency (CalHFA) at the grand opening of Terracina at The Dunes, a new 142-unit affordable housing development in Marina.

This project, approved for financing through CalHFA’s Mixed-Income Program (MIP) in 2022, aims to provide essential affordable housing options for residents in Monterey County, known for its high cost of living.

Terracina at The Dunes was developed in collaboration with the California Tax Credit Allocation Committee (CTCAC) and private partners, including USA Properties, which has previously partnered with CalHFA on five other MIP developments. The MIP program, launched in 2019 following the Building Homes and Jobs Act, has successfully financed the construction of 9,684 affordable housing units across various income levels.