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Project Match gets a refurbishment loan
By Jana Seshadri
The Sunnyvale City Council unanimously approved a loan for $260,000 to Project Match to refinance and rehabilitate two senior group homes in Sunnyvale. The loan would be funded from the Community Development Block Grant Housing Improvement Program budget, with flexible, low interest rates.
Project Match, which operates several group homes throughout the county, began the Senior Group Residence Program in the 1980s, which provides affordable housing for very low-income seniors and meets their support service needs.
The two group homes in Sunnyvale--a duplex on 436 Offenbach/1230 Klee Court and on 1675 S. Wolfe Road--house nine seniors and are in need of several improvements, such as a new roof and a new window, which part of the loan money would take care of, said Annabel Yurutucu, Sunnyvale's housing supervisor. In addition to the rehabilitation, Project Match--which owns both the homes--has requested the funds to refinance the existing conventional loans on them.
According to Yurutucu, the average age of the group home residents, countywide, is 72, with an average monthly income of $1,175. The low monthly rents, limited to $378, which includes utilities, phone and cable, have made housing very affordable for the lowest income senior residents, she said.
In the past, Project Match--as its name suggests--would match a low-income senior with an appropriate place to live, depending on the person's financial requirements. It could be a room in someone else's house or an independent home. But the agency is in the process of restructuring their mission, Yurutucu said.
"They're finding it extremely difficult to find homeowners who would loan their home out to individuals for a small amount," she said.
The agency is looking at restructuring the existing conventional debts on the residences to increase the income from the properties and reduce the monthly mortgage expenses, Yurutucu added.
"The restructuring would strengthen the agency's ability to provide housing to low-income seniors," said Bob Campbell, executive director of Project Match.
The agency also works to cater to seniors' other needs, such as medical and dental care and other support services, Yurutucu said. The facilities are also conveniently located inside residential areas so the seniors do not feel isolated or separated from the community. The program helps take care of the person as a whole, she said.
The proposed restructure of the current loans would enhance the financial viability of the agency and ensure the continued operation of the sites, Yurutucu said.
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Sunnyvale, California Since 1994
