New Affordable Housing Community Opens in San Mateo County
REDWOOD CITY, Calif. – RealEstateRama – Alta Housing, a community-based, nonprofit developer and manager of high-quality, low- and moderate-income housing, welcomes new residents to Fair Oaks Commons, its newest 100% affordable residential rental community at 2821 El Camino Real in Redwood City, California. The new, four-story, 67-unit residential development located in unincorporated San Mateo County’s North Fair Oaks neighborhood will provide independent living for low-income families, veterans, and formerly homeless households earning between 30% to 70% of the area median income.
“We are very excited to welcome new residents to this beautiful, new residential community, which will bring permanent and supportive, high-quality, affordable housing to many special members of our local community,” said Randy Tsuda, Alta Housing’s President and Chief Executive Officer. “We are grateful to our partners and San Mateo County officials, who have worked with us closely, especially during these challenging times, to enable us to deliver much-needed affordable housing to the Bay Area.”
“I am thrilled to celebrate the grand opening of these new affordable homes in San Mateo County,” said County of San Mateo Supervisor Warren Slocum. “These 67 new affordable units will allow families to create stability during this unprecedented time and beyond. Partnering with Alta Housing offers San Mateo County families, veterans, and those formerly homeless a place to call home.”
Alta Housing has partnered with the Menlo Park Veterans Affairs office, County of San Mateo Behavioral Health & Recovery Services, and the Mental Health Association of San Mateo County to provide supportive services to the residents. John Stewart Company will provide on-site management and the services agencies will provide resident engagement, assistance with accessing community resources, job readiness programs, financial planning courses, counseling services, and case management services.
On-site amenities include a community room with a kitchen, technology lounge, on-site laundry, and elevator access to every floor. The spacious courtyard features outdoor fitness equipment, a picnic area, and a barbeque grill. Additional indoor lounge areas are available on the second and third floors.
On-site parking, accessible via El Camino Real, provides parking for 51 cars, including three handicap-accessible spaces. To encourage the use of sustainable means of transportation, enclosed bicycle parking and a bicycle repair station are provided for residents. In addition to the 45 resident bicycle parking spaces, four bicycle outdoor parking spaces will be provided for guests.
Sustainable design is another key benefit. Targeting LEED Gold certification, the building design features and technologies include the use of solar panels for hot water preheat and common area lighting. The residential community includes energy-efficient appliances, recycled materials with low VOC content, drought-tolerant landscaping, and metal sunshades and awnings to reduce heat gain.
Financing for the approximately $42 million development was provided by the County of San Mateo through voter-approved Measure K, Wells Fargo Bank, N.A., Federal Home Loan Bank of San Francisco, and California Community Reinvestment Corporation. Acquisition funding was provided by Housing Endowment and Regional Trust of San Mateo County. The project is also supported by 27 HUD-VASH vouchers and 32 Section 8 vouchers awarded by the San Mateo County Housing Authority.
“Wells Fargo is committed to providing much-needed financing to develop affordable housing throughout the Bay Area and nationwide,” said Eric Leimbach, Vice President – Senior Relationship Manager, Community Lending and Investment, Wells Fargo Bank. “Housing costs have risen significantly in San Mateo County impacting numerous communities and their individual residents. By working with Alta Housing to develop Fair Oaks Commons, some of the most vulnerable community members, including veterans and formerly homeless individuals, will have a safe and affordable home. We are proud to work with Alta Housing in developing 67 new affordable rental homes to the North Fair Oaks community.”
Wells Fargo Bank provided the financing for construction. Wells Fargo Affordable Housing and Community Development is the tax credit investor.
The project’s designer is Dahlin Group; the general contractor is L&D Construction; LUK and Associates is the civil engineer; Emerald City Engineers is the mechanical electrical and plumbing plans (MEP) engineer; and The Guzzardo Partnership is the landscape architect.
About Alta Housing
In its 50 years of service, Alta Housing builds, develops, acquires and manages low- and moderate-income housing in San Mateo and Santa Clara Counties. With over 3,000 residents and more than 300 units in various stages of development or construction, Alta Housing supports its residents in reaching their goals through its Resident Services program. Alta Housing continues to expand its portfolio and focuses its future housing efforts along transit corridors on the Peninsula. For more information about Alta Housing, visit www.altahousing.org.
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