The San Gabriel Valley Regional Housing Trust announced Wednesday that it has funded more than 1,000 affordable housing units across the region, marking a major milestone in its efforts to address the housing crisis.
According to the agency, its portfolio now includes 1,038 affordable housing units and more than 130 interim housing shelter units throughout the San Gabriel Valley.
The milestone follows the trust’s approval of funding for Mission Suites, a 119-unit affordable housing preservation project in Pomona.
Officials said the project will preserve affordability restrictions that otherwise would have expired by 2030, potentially placing low-income residents at risk of displacement. The development includes one-, two- and three-bedroom units serving individuals and families earning at or below 60% of the area median income.
Mission Suites is the first affordable housing preservation project funded by the trust and is supported through California’s Permanent Local Housing Allocation program.
“This milestone is more than just a number; it represents real people, families and children who are off the streets and in safe, stable living situations,” SGVRHT Board Chair Emmanuel J. Estrada said in a statement.
The San Gabriel Valley Regional Housing Trust was established to help finance affordable and supportive housing projects throughout the region. The joint powers authority includes 25 San Gabriel Valley cities working in partnership with the San Gabriel Valley Council of Governments.
Officials said the trust remains focused on expanding affordable housing opportunities, reducing homelessness and preserving existing housing for lower-income residents throughout the region.