Ground Broken For Santa Clara County Affordable Housing
By Dees Stribling, Contributing
Editor, Multihousing News Online
Mountain View, Calif.—Ground has been broken for the Franklin Street Family Apartments, an affordable housing development by ROEM Corp. in partnership with the city of Mountain View. The property includes 51 one-, two- and three-bedroom apartments affordable to families with annual incomes at or below 50 percent of the Santa Clara County area median income.
The $23.4 million development is financed with 4 percent Low-Income Housing Tax Credits, with additional financial support from the city of Mountain View, Citi Community Capital and AEGON Group. It is the latest affordable development by ROEM, which has partnered with other public entities to complete five new affordable housing developments this year alone, totaling 385 units.
The developer acknowledges that the climate for funding affordable housing is getting more difficult. "The continued economic condition of our state, the depleting source of funds appropriated at all levels for affordable housing and limited income resources for potential residents, are all contributing to the complexities surrounding our industry," Derek Allen, director of development for ROEM, tells MHN.
“Though budget austerity has become a new reality, it only highlights the critical need for public-private partnerships that can overcome these challenges and identify new strategies to fund affordable housing,” Allen continues. “Over the past year, we have worked with government organizations, nonprofits and other corporate partners to ensure that high-quality affordable housing will be available despite weakened economic conditions.”
Franklin Street Family Apartments will consist of a three- and four-story C-shaped building with 92 parking spaces in a parking garage. Amenities will include a computer center, library, community room, fitness room, courtyard, tot lot and barbeque area, along with an array of resident services, such as computer and ESL classes. According to the project's architect, KTGY Group Inc., the building architecture complements the downtown location and will integrate traditional Mediterranean colors with stucco exterior walls and tile roofing.
The property will also include green elements, and is designed to LEED Gold specification. Energy conservation features, such as solar photovoltaic panels, and water- and energy-efficient appliances and fixtures, will be part of the development.