$500,000 loan for Bay Meadows Affordable Housing, a 68-unit apartment complex on South Delaware Street in San Mateo
Bay Meadows Affordable Housing will provide one, two and three-bedroom apartments for families making between 30 percent and 50 percent of the area’s median income. This means a family of three earning between $33,000 and $55,000, or a single person earning between $25,000 and $43,000 will be able to afford a home in San Mateo.
The site is centrally located near the Caltrain line and, once the grade separation project at 28th Avenue is completed and the Hillsdale Caltrain Station is relocated, residents at this development will have great access to job centers along the train corridor and to Samtrans bus lines along El Camino Real.
HEART made the $500,000 loan to BRIDGE Housing for predevelopment expenses for the planned $50M affordable housing project. “Financing for affordable housing is always difficult to obtain, so we are pleased that HEART was able to provide this key funding,” said Supervisor Don Horsley, Chair of the HEART board. “I was particularly pleased that HEART was able to coordinate with developers and city staff to quickly assess the project and provide the funding within three weeks of the application. Quick turnaround makes a difference for important projects such as this.”
BRIDGE Housing will use HEART’s loan to pay for architectural design and engineering expenses. “We rely on HEART for early funding that we couldn’t get elsewhere,” said Ali Gaylord, Director of Development at BRIDGE Housing. “HEART is an example of flexible, immediate funding.”
This is HEART’s third pre-development loan to a project being developed by BRIDGE Housing. BRIDGE Housing has selected architect Leddy Maytum Stacy Architects, which designed the neighboring Nueva School. Using the same architect will create a cohesive feel for the neighborhood. BRIDGE Housing expects construction will start in 2018.
To find out more about applying for housing
http://www.bridgehousing.com/ or call Tel: 415.989.1111