801 Alma Family Housing
Our community succeeds largely because of the wide range of people who live and work here, including professionals, business owners, public safety workers, students, health workers, teachers, and our families. We have excellent health care facilities, childcare services, and activities for seniors. There are multiple amenities for residents who need assistance, such as people with disabilities and those seeking employment or housing, staffed by an array of skilled workers. Many of our homes are enhanced by gardeners and house cleaners. When we shop or eat out, the numerous retail clerks, restaurant servers, cooks, and janitors are eager to assist us.
A thriving community is inclusive, where workers from both ends of the economic spectrum can have homes. However, the extremely elevated cost of housing in the mid-peninsula area has had an exclusionary effect on many whose work contributes to our community's success. Quite simply, high housing costs have prevented lower-income workers from being able to live where they work.
We want to change that. Our aim is to increase the number of quality affordable homes for working families so that many of the integral members of our local area can live where they work. This will keep our community whole.
801 Alma enjoys the strong support of local government. The City of
Palo Alto has a long history of supporting affordable homes in the
community. The city has provided funding for a number of low-income
properties over the years, and Palo Alto was one of the first California
communities to have a "below market rate" housing program. The City of Palo Alto is providing a portion of the land
and significant additional funding for 801 Alma.
The funding sources for the project include:
Low-Income Housing Tax Credits: $13,683,644
City of Palo Alto (funding and land): $9,780,000
Sand Clara County (Stanford General Use Permit Funds): $5,500,000
Permanent Mortgage (JP Morgan Chase Bank): $504,000
Santa Clara County Housing Trust: $500,000
Community Working Group (funding and land): $600,000
Federal Home Loan Bank Affordable Housing Program: $490,000