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Los Altos Chamber of CommerceFebruary 5, 2020
Randy Tsuda, President & CEOPalo Alto Housing
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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
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Our Properties
• Santa Clara & San Mateo Counties
• 24 properties
• 2500 residents
• 6 projects & 450 units in process• Mountain View
• Redwood City
• Palo Alto
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Tree House—Palo Alto
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Oak Court—Palo Alto
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Wilton Court—Palo Alto
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2821 El Camino Real, Redwood City
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950 El Camino Real, Mountain View
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Franklin Street Apartments--Mountain ViewROEM Development
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1585 Studios—Mountain ViewFirst Community Housing
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777 W. Middlefield—Mountain ViewFortBay & MVWSD
• 572 market rate units
• 144 units for MVWSD employees
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Broadway Plaza—Redwood CitySobrato Development & MidPen Housing
• 400 market rate units
• 120 affordable units
• 420,000 s.f.office
• +retail & child care
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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
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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
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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
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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
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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
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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
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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
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Thank you!
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Planning Area Opportunities
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26
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Identity Crisis
Public
Regional
Urban
Jobs
Inclusivity
Community
Human Right
Private
Local
Suburban
Housing
Exclusivity
Individual
Investment
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North Bayshore Precise Plan
• Habitat restoration
• Economic development
• Improved transportation
• Complete neighborhoods
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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
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The Challenge…
• VMT 21%
• Freeway delay 45%
• Office space 160,000,000 square feet
• Jobs 700,000
• Currently: job growth/housing growth = 5/1
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East Whisman Precise Plan