Construction is set to resume on Haven Plaza, a 35-unit permanent supportive housing community at 2838 Park Ave. in Soquel, after developers secured critical financing.
On Dec. 10, Park Haven Plaza was awarded a Tax-Exempt Bond allocation by the California Debt Limit Allocation Committee, along with 4% Federal Low-Income Housing Tax Credits from the California Tax Credit Allocation Committee.
The approval, and an additional $1.63 million in annual tax credits over the next 10 years ($16.3 million), will help close a significant financing gap, allowing construction to resume in January. For months, the project has sat idle and the building was wrapped in plastic.
Park Haven Plaza, according to Novin Development Corporation vice president of development Ryan Querubin, is a new modular construction project that is approximately 70% complete, with all major structural and site work finished.
Individual units have been fully manufactured, delivered and installed. Remaining work is limited to interior finishes, exterior treatments and building systems installation. Completion of the project is expected in early 2027, but is contingent upon securing the additional awarded funds.
Park Haven will house veterans, college-age adults and families who are experiencing homelessness or are at risk of becoming homeless. It is partially funded by a $10.66 million grant from Project Homekey, a statewide initiative dedicated to reducing and preventing homelessness, and 35 Section 8 vouchers from the Santa Cruz County Housing Authority to provide operational support for the project.
Novin Development is working in partnership with the Central Valley Coalition for Affordable Housing and the County of Santa Cruz on the project.
