From the Mountain View Voice:
A proposal to develop a city parking lot at 444 Bryant St. into affordable housing took a big step forward when the Santa Clara County Board of Supervisors recently agreed to loan $9.75 million in county funds toward the project.
The Supervisors voted unanimously to approve the loan, funded through the county's Measure A Affordable Housing bond, on Feb. 8.
The loan will go to Related + Alta, a joint effort by Related California, a for-profit multi-family housing developer, and co-developer Alta Housing. They have proposed to build 120 apartments on a 1.5-acre parking lot, Lot 12, across three buildings, each up to five stories tall, with a podium garage. Lot 12 has been used on Thursdays during part of the year for Mountain View Farmers Market.
Of the 120 apartments, 20 will be for rapidly rehousing homeless individuals and families with special needs, 20 will be for households earning up to 30% of the area median income, considered "extremely low income"; 40 will be for households earning up to 50% of the area median income, considered "very low income"; and 39 will be for households earning up to 80% of the area median income, considered low-income. The area median income is $105,900 for a single-person household and $151,300 for a family of four in Santa Clara County.
The developer also plans to have 25 of the units reserved for the Section 8 housing program with the Santa Clara County Housing Authority.
Read the Mountain View Voice's article "County to provide $9.75 million loan for affordable housing project in downtown Mountain View," featuring the Santa Clara County Housing Authority.