City Announces Availability of Affordable Housing Funds
The City of Palo Alto is making $6 million available from its housing trust funds for the development of affordable housing projects. Community organizations and affordable housing developers that are interested in creating affordable housing projects are encouraged to apply.
The money from the City's housing trust funds comes from the "in lieu" or impact fees paid by private developers who are building in the City, and can only be used for the purpose of creating affordable housing and offered in the form of 30- or 55-year loans. Over the past 10 years, the City has provided more than $29.4 million for the development of affordable housing.
The deadline to turn in applications is June 30, 2014. Applications will first be evaluated by a review panel then forwarded to City Council for final approval based on seven criteria, including the track record of the applicant in developing affordable housing, the ability of the project to leverage funding from other private and public sources, the readiness of the proposed project for implementation, and the ability to minimize impacts on the surrounding community.
For more information on the available funds or for an application, click here. Applications are also available at the City’s Planning and Community Environment Department, 250 Hamilton Ave., Palo Alto.