$200K loan for police station redevelopment site in San Mateo

HEART’s latest collaboration with MidPen Housing

HEART’s board of directors approved a $200K pre-development loan to Palo Alto Partners, a for-profit entity that represents one-half of the development team for the San Mateo Police Station site redevelopment a 2000 S. Delaware Street in San Mateo.

Mixed use development for working families

The entire project will create 120 affordable homes for working families, separated into two building over a podium garage. Palo Alto Partners will develop 60 units targeted to moderate income households (includes up to 120% Area Median Income, AMI) and Mid-Peninsula Housing Corporation will develop 60 units affordable to very-low income and low-income households (incomes ranging from 30% AMI to 60% AMI).

The City of San Mateo Redevelopment Agency is providing 99-year leases for the land.