BRIDGE Housing Kicks Off Construction of Apartments in Palo Alto for Low-Income Seniors
- Jan 07, 2009
By Anuradha Kher, Online News EditorPalo Alto, Calif.–The BRIDGE Housing Corp. and the city of Palo Alto today kicked off construction on Fabian Way Senior (pictured), an affordable housing project for very low-income seniors, located at 3895 Fabian Way in Palo Alto, Calif.Resident incomes will range from $21,225 to $33,960 for a household of two (25 to 40 percent of Area Median Income); rents will range from $463 to $762 per month, depending on income and household size. Fabian Way Senior is expected to provide high-quality, affordable apartments as part of a larger 12-acre mixed-use redevelopment of a formerly vacant industrial property. When completed in early 2010, the community will feature 56 apartments on four residential floors and a common space with amenities such as private decks, a landscaped courtyard and a community room for activities, services and classes. Twenty apartments will be set aside for seniors with special needs, whose services will be coordinated through a partnership with the Council on Aging, Silicon Valley. Fabian Way Senior is expected to be Green Point Rated and will feature a number of environmentally sustainable building techniques, such as a solar hot-water heater that will significantly reduce the community’s energy costs. “Fabian Way Senior highlights what Palo Alto can achieve for our community in partnership with the public and private sectors,” says Mayor Pete Drekmeier. “This important effort will help people who have worked hard all of their lives and who face a very difficult housing market as they retire.”The development is part of a larger site acquired by BUILD, LLC, a partnership between BRIDGE and CalPERS. Financing for the $22.9-million property is being provided by BUILD, LLC; State of California Prop 1C Multifamily Housing Program; Silicon Valley Bank Community Development Finance; Union Bank of California, N.A.; Santa Clara County; City of Palo Alto; the Opportunity Fund; the Sobrato Family Foundation; and the Housing Trust of Santa Clara County.