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The city of Mountain View is another step closer to realizing its affordable housing goals, with construction beginning on a much-anticipated five-story development for low-income residents at the corner of Shoreline Boulevard and Montecito Avenue.
City and county officials, as well as representatives from local nonprofit organizations and financial institutions, convened at 1265 Montecito Ave. on Thursday morning to celebrate the groundbreaking event with speeches and a light lunch.
“Affordable housing, I always say it’s a team sport. You need a lot of a lot of teammates to work together and this is no different,” said Marvel Ang, director of development at Charities Housing, ahead of the event.
Since its early planning stages, the project has been well-received by the city for its commitment to 100% affordable housing. The developer, Charities Housing, is replacing a vacant office building with a five-story, 84-unit residential complex that will support individuals and families earning between 30% and 50% of the area median income.
Half of these apartments have been set aside as “rapid rehousing” units for those with unstable housing, supported by Measure A funding. A large portion of the units also are covered by property-based vouchers from the county, according to a recent press release.
“This project is really a partnership between us, the city, the county and the housing authority as the main financiers of the project,” Ang said.
In December 2022, the City Council unanimously approved the project, committing $16 million to it, while the county kicked in another $18 million. Charities Housing also secured a loan from Housing Trust Silicon Valley, a community development financial institution, that helped with the purchase of the property. Since then, Wells Fargo has come on board as an equity investor, Ang said.
While the financing of these kinds of projects can create complexities, the process has stayed on track, according to Mark Mikl, Charities Housing’s executive director, which he credited to the support of the community and the project’s partners.
The location of the site was another draw for the project. Located within a half-mile of major public transit, the development also is within walking distance to grocery stores, parks and schools.
The development’s inclusion of multi-bedroom apartments makes it particularly attractive for low-income families, said Julie Mahowald, Housing Trust’s chief financial officer. “Just the fact that they’ve been able to fit in so many family apartments, three-bedroom apartments, that’s something everyone pushes for, but it’s really easy just to make a bunch of studios,” Mahowald said.
“They have studios, too, but they’ve got the whole spectrum, and I think that’s exciting for anyone in this business to see,” she added.
The development has 24 studio, 18 one-bedroom, 21 two-bedroom and 21 three-bedroom apartments. Residents also will have access to parking, laundry facilities, a community room and outdoor space as well as property management and resident services offices, according to the press release.
The anticipated date for when residents can move into the new building is early 2026, Mikl said.
Another project supported by MV YIMBY!
While I’m glad to hear about development, how about just any development? Why would MV want to attract residents who will have a hard time paying for the exorbitant cost of living? I think instead we should be trying to attract well-paid professionals.
I think many for-profit developers are waiting for interest rates to drop. Subsidized affordable housing has a different cost structure that’s less affected by interest rates.