122 New Affordable Housing Comes to Mountain View & Livermore
Chestnut Square project rendering
Housing Trust recently closed two loans that afforded us the opportunity to deploy funds to both sides of the Bay to create a total of 112 new homes. 

PALO ALTO HOUSING PURCHASES 
MOUNTAIN VIEW SITE 

$8.1 million was loaned to Palo Alto Housing to purchase a site at 950 W. El Camino Real in Mountain View. PAH intends to demolish the existing, underutilized structure to develop and operate a 70 unit 100% affordable housing complex.  Twenty of the units will be reserved for permanent supportive housing aligning with Santa Clara County's Measure A funding priorities. 

The money lent to PAH has a unique origin: LinkedIn recently made a $10 million investment in affordable housing by using Housing Trust's  TECH Fund, and that investment was able to be put to use right away for this development. Another portion originates from the Supportive Housing Fund, a partnership between Housing Trust and the County of Santa Clara.

PRE-DEVELOPMENT LOAN TO MIDPEN FOR LIVERMORE

In the East Bay, a $2 million loan to MidPen Housing's supports pre-development costs for Chestnut Square, located at Chestnut Street in Livermore. MidPen was chosen by the City of Livermore to be the master developer of a 4.31 acre city-owned site with the ultimate goal of a 158 unit mixed income residential community. In late 2016 MidPen conducted community outreach to gauge reaction to the development - and found broad support in the neighborhood. 

This loan is for a 42 unit family project that will be developed on a portion of the site, with all 42 units designated as affordable housing to those earning between 50 - 60% area median income (AMI). The project has a strong focus on housing needs for families as it will include 22 two-bedroom units and 16 three-bedroom units and four one-bedroom units.  Onsite amenities will include a community room, computer lab and a children's play area. 



For more information on HTSV lending programs, contact
Housing Trust Silicon Valley | 408.436.3450 | www.housingtrustsv.org