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Los Altos Chamber of CommerceFebruary 5, 2020
Randy Tsuda, President & CEOPalo Alto Housing
We’re Palo Alto Housing
• Who we are:• We’re a non-profit agency whose mission is to provide and
maintain quality affordable housing for a stronger community where individuals and families thrive.
• What we do:• Build affordable homes
• Manage properties
• Provide resident services
• Manage affordable housing programs for cities
Our Properties
• Santa Clara & San Mateo Counties
• 24 properties
• 2500 residents
• 6 projects & 450 units in process• Mountain View
• Redwood City
• Palo Alto
Tree House—Palo Alto
Oak Court—Palo Alto
Wilton Court—Palo Alto
2821 El Camino Real, Redwood City
950 El Camino Real, Mountain View
Franklin Street Apartments--Mountain ViewROEM Development
1585 Studios—Mountain ViewFirst Community Housing
777 W. Middlefield—Mountain ViewFortBay & MVWSD
• 572 market rate units
• 144 units for MVWSD employees
Broadway Plaza—Redwood CitySobrato Development & MidPen Housing
• 400 market rate units
• 120 affordable units
• 420,000 s.f.office
• +retail & child care
Costs/Funding (2019 dollars)
Project Units Project Cost Cost/Unit Local Subsidy Local
Subsidy/Unit
1 51 $37,600,000 $738,000 $19,700,000 $388,000
2 49 $31,000,000 $632,000 $16,000,000 $327,000
3 27 $18,600,000 $690,000 $6,400,000 $238,000
4 116 $85,600,000 $740,000 $30,000,000 $250,000
5 67 $39,000,000 $580,000 $14,000,000 $210,000
6 62 $43,300,000 $700,000 $9,100,000 $147,000
7 71 $49,200,000 $690,000 $22,700,000 $327,000
* Last seven affordable housing projects
Local/County Contribution
Funds
• Commercial linkage fees
• BMR housing fees (ownership & rental)
• Community benefit contributions
• Bond proceeds
• Tax measures
Reduction of costs
• City-owned land
• Fee waivers
County, State, Federal Sources
• SCC Measure A
• Low Income Housing Tax Credit
• Multifamily Housing Program (MHP)—Prop. 1
• Affordable Housing & Sustainable Communities Program (AHSC)
• Veterans Housing & Homeless Prevention Program (VHHP)
• Affordable Housing Program (AHP)—FHL Bank
• CDBG/HOME
Los Altos BMR Housing Program
• City contracts with PAH in Fall 2018• Administered according to Los Altos’ process & policies
• Currently includes 54 ownership and 32 rental units
• No granny flats
• 110 on interest list
• Affordability level varies
BMR Priority Order
1. Priority 1• Local school employees• City employees• County Fire Department employees
2. Priority 2• Live in Los Altos• Previously lived in Los Altos within 5 years• Have parent or child that live in Los Altos
3. Priority 3• Work in Los Altos >2 years
4. Priority 4• Work in Los Altos
5. Priority 5• Live or work in Santa Clara County
BMR Income Limits
Income
Category
1 Person
Household
(HH)
2 Person HH 3 Person HH 4 Person HH
Extremely Low $30,750 $35,150 $39,550 $43,900
Very Low $51,250 $58,550 $65,850 $73,150
Low $72,750 $83,150 $93,550 $103,900
Median $92,000 $105,100 $118,250 $131,400
Moderate $110,400 $126,150 $141,950 $157,700
BMR Purchase Price
Unit Household
Size
Low Income Moderate
Income
Studio 1 $154,077 $332,424
1 bedroom 2 $191,229 $394,809
2 bedroom 3 $226,492 $455,558
3 bedroom 4 $256,520 $511,269
Thank you!
Planning Area Opportunities
26
Identity Crisis
Public
Regional
Urban
Jobs
Inclusivity
Community
Human Right
Private
Local
Suburban
Housing
Exclusivity
Individual
Investment
North Bayshore Precise Plan
• Habitat restoration
• Economic development
• Improved transportation
• Complete neighborhoods
North Bayshore Precise Plan
• Address transportation• Trip cap
• 45% SOV cap
• Dedicated transit lanes
• Dedicated bike/ped bridges
• Parking maximums
• New street network
• TMA
• VTA extension
• Off-ramp redesign
• Monitoring & penalties
• Create neighborhoods• 9850 units
• 20% affordable housing
• Retail & services
• Reduced parking
• Monitoring & penalties
Fail-safe=congestion pricing
The Challenge…
• VMT 21%
• Freeway delay 45%
• Office space 160,000,000 square feet
• Jobs 700,000
• Currently: job growth/housing growth = 5/1
East Whisman Precise Plan
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