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