Affordable Housing Fund
What is the Affordable Housing Fund?
The Affordable Housing Fund is a local housing trust fund established by City Council to provide financial assistance for the development of housing affordable to very low, low and moderate-income households that live or work in Palo Alto. While rental and owner units may be assisted, in practice all units assisted so far have been rental units and almost all have been affordable to very low or low-income households.
In all cases, the housing projects assisted by the City have been developed, owned and managed by local non-profit housing organizations. Many housing types have been developed serving different housing needs. Examples include senior apartments, single-room-occupancy units, family apartments, units for persons with disabilities, studio units and large family units.
The City provides its funds through long-term loans with low interest rates and usually deferred payment. All loans must be approved by the City Council and the City restricts the projects under long-term regulatory agreements. Any cost necessary to develop the housing can be funded by the City. Developers are encouraged to apply through the funding cycle for the Community Development Block Grant (CDBG) program but may apply at other times, if necessary.
Want to Learn More?
More details on the Affordable Housing Fund, including its sub-funds, can be found in the Affordable Housing Fund Guidelines.
Long Range Planning