Last Tuesday, county Supervisor Liz Kniss told the City Council that Mountain View is entitled to Stanford affordable housing funds, a resource expected to swell to $35 million over the next decade.
To offset the impact of ongoing development at Stanford, the university is required by the county to pay into the fund, which is earmarked for construction of housing affordable for those with "below moderate" income, Kniss said. The funds can be used within six miles of the university, which includes portions of Mountain View west of Highway 85, she said.
"A lot of Mountain View is eligible for this," Kniss said.
Among those who could use such funds is the North County Homeless Housing Coalition, which is working to build housing for low income workers and the chronically homeless.
Palo Alto has already used some of the money, which currently adds up to several million dollars. The fund is expected to grow to $35 million in 6 to 10 years as Stanford develops, Kniss said.