Monterey, CA Affordable Housing Units To Open On Alvarado Street?

by Richard Kuehn on 07/06/12

View From A Non-Profit Serving Carmel, Carmel Valley, Carmel-by-the-Sea, Gonzalez, Greenfield, King City, Marina, Monterey, Pacific Grove, Pebble Beach, Salinas, Seaside And Soledad California We are constantly fielding calls from seniors who are struggling to get by financially.  Monterey County is one of the most expensive places to retire in the country, and housing is a big issue.  I was happy to read that the unfinished apartments which are part of the Monterey Hotel on Alvarado Street may soon be finished and the affordable housing units could actually go on the market.  It's a great central location for retired seniors, with Trader Joes, movie theaters, restaurants, beauty parlors and other retailing and service companies within easy walking distance.  The units were never finished when the developer ran into financial trouble and the project went into receivership.  City Housing Manager Richard Marvin told the Herald, "If the council does not proceed with the affordable housing component of the hotel project, the fiscal implications are significant."  If the apartments aren't finished, the city would have to buy 18 affordable housing units elsewhere without being able to use the funds for the Alvarado Street project because the state has dismantled the local redevelopment agencies.  Marvin estimates that would cost the city $3.3 million, so this places tremendous pressure on the council to get the project completed.  A decision is expected by July 17.