MOUNTAIN VIEW, CA—From 2010 to 2014, there were more than 189,000 new jobs and 113,000 new residents added in Silicon Valley, but the region built only 36,414 new housing units, according to Joint Venture Silicon Valley. And, a recent report by the National Low Income Housing Coalition found that in no state, metro area or county nationwide can a full-time worker earning the prevailing minimum wage afford a modest two-bedroom apartment, GlobeSt.com learns. This is true even in cities where minimum wages are higher than the federal level.

In Silicon Valley, the gap between what even the average renter household can afford to pay and the prevailing rents is even more staggering. HUD's 2017 fair market rent for a two-bedroom apartment in Santa Clara County is $2,220. In order to afford this level of rent and utilities without paying more than 30% of income on housing, a family must earn $7,400 monthly or $88,800 annually, according to ROEM Builders Inc.

Hoping to stem the tide of the housing crisis, an affordable multifamily apartment community, Evelyn Family Apartments, will offer studio, one, two and three-bedroom apartments to families making up to 60% of the Santa Clara County area median income. It is to be located at the southwest intersection of East Evelyn Avenue and South Bernardo Avenue on a 1.93 acre site.

ROEM recently celebrated the project groundbreaking and completion is expected in August 2018. Evelyn Family Apartments is ROEM's third housing project in Mountain View.

“While our housing crisis is regional, it's up to Bay Area cities like Mountain View to make building more housing possible and more of it affordable,” said ROEM executive vice president Alex Sanchez tells GlobeSt.com. “The city's $22.3 million loan to ROEM for this project made it possible for us to secure the remaining $42 million in outside funding sources that completed the financing. As a result, rents at Evelyn will remain affordable for families making up to 60% of the area median income.”

This $64 million three- and four-story community will provide 116 residential units and 116 bicycle parking spaces for residents and guests. The development will include a wide range of amenities, such as a large community room with a kitchenette, homework center with computers, fitness room, laundry rooms, a private shuttle to and from local transit and schools, and VTA Eco-passes for each unit.

“Evelyn Family Apartments is one of the largest affordable housing projects in the city of Mountain View,” explained Mountain View mayor Pat Showalter. “Aimed to benefit people who live and work in Mountain View with low incomes, it is a testament to the city's commitment to seek affordable housing developments, to increase the overall housing diversity and supply, and to invest city funds to help make it happen. Thanks to the effectiveness of public and private partnerships like we have with ROEM, we will be able to keep families in Mountain View and help those who grew up here, stay here.”

The building will be built of Type VA residential construction over a Type IA one level at grade and one-level subterranean parking garage. Construction of the project will include energy conservation features including a high-efficiency irrigation system, no turf use, drought-resistant plants, roof drainage collection system via downspouts, upgraded insulation in exterior walls and roofs, Energy Star appliances, and efficient heating and cooling equipment. The complex will pursue USGBC LEED-H Gold certification.

“This marks AEGON's 11th investment with ROEM Development and we are confident Evelyn Family Apartments will be as tremendously successful as the previous 10,” said Gary Howe, director of AEGON USA Realty Advisors LLC. “Mountain View is already a leading community for technology and innovation. Evelyn Family Apartments will help to keep it accessible to those struggling to find housing in an extremely competitive market.”

Evelyn Family Apartments is receiving 4% low-income housing tax credits and Citi Community Capital provided tax-exempt construction financing in the amount of $32 million. Investment support was provided by AEGON. The city of Mountain View also provided financial backing for this project.

“The Bay Area Association of Governments projects that between 2010 and 2040, the city of Mountain View will experience a 33% increase in jobs,” Sanchez tells GlobeSt.com. “In such a 'job-rich' community where the number of jobs exceeds the number of employed residents, there's an ongoing need for housing production to keep pace with the workforce. It is critical that Silicon Valley build more permanently affordable developments like Evelyn Family Apartments so that people of all income levels can afford to live close to where they work.”

The architect is Withee Malcolm Architects LLP, the nonprofit partner is Pacific Housing and the general contractor is ROEM Builders Inc.

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