In early 2022 HEART made a $3.8 million loan to Kiku Crossing, located at 400 East 5th Avenue in San Mateo. The project broke ground in January 2022 and will be seven stories tall and contain 225 affordable rental homes. It also includes a five-story parking garage structure that will provide 164 spaces reserved for residents and 529 public spaces for downtown visitors and workers. Construction is progressing quickly and the expected completion date is Spring 2024. We are excited to see the amazing construction progress!

Kiku Crossing will provide homes for a range of low-income individuals and families, from those that earn less than 30% of the area median income to those who earn 80% of the median income. It will also serve diverse populations. Of the 225 affordable homes, the project will include 22 units for formerly homeless households, eight units for individuals with intellectual and developmental disabilities, and 57 units for public employees.