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It may be the most costly affordable housing project ever attempted in Mountain View, but it was still a cause for celebration.
On Monday, Mountain View dignitaries gathered for a groundbreaking for the $33 million Eagle Park Apartments at 1701 El Camino Real. When complete, the project will provide 67 homes for low-income veterans and other households, said Candice Gonzalez, the Palo Alto Housing executive director who spearheaded the project.
“We’re beyond thrilled to be here today at this milestone event,” she said at the June 12 event. “Just picture our veterans moving in these homes. This is not a dream; this will now happen because of all of you.”
Over the last couple years, the apartment project had to overcome a number of obstacles to secure land, grants and tax credits. The project was nearly derailed earlier this year after corporate investors backed away from buying the project’s $20 million in government-issued tax credits. This came as a result of the Trump administration’s plans to cut corporate tax rates, making the tax credits less valuable.
The project came to fruition thanks to help (and plenty of money) from its many partners, including the city of Mountain View, Santa Clara County, U.S. Bancorp and Google, along with various state housing and veterans agencies.
The Eagle Park Apartments are scheduled to be complete in late 2018. About six months prior to its completion, Palo Alto Housing officials say they will post application materials on the nonprofit’s website for those interested in leasing units, which will include a mix of studios and one-bedroom apartments. Residents must earn less than 60 percent of the local area’s median income, which would be about $47,000 for a one-person household. Applicants for the housing are expected to number in the “thousands” and the lucky few who receive an apartment will be chosen through a lottery system, Gonzalez said.
Gonzalez said her nonprofit has other irons in the fire for future affordable housing projects in Mountain View. She told the — Voice — they recently closed sale on a Terra Bella Avenue property that could someday host 100 new studio apartments.
More information is online at the Palo Alto Housing website.
Thanks so much to Supervisor Simitian for standing up for all our community members!
How many of the 67 units will be reserved for veterans, and not “other households?”
Besides the < 60% median requirement, are there any other requirements for the “other households” to obtain a unit?