PALO ALTO, CA—Silicon Valley and the Bay Area as a wholecontinue to add significantly more jobs than housing. Since 2010,Silicon Valley employment has increased by 29%, yet housing hasincreased by only 4%, a major factor in the housing affordability crisis, says Randy Tsuda, communitydevelopment director of Mountain View.
To stem this tide, Palo Alto Housing, developer and manager oflow- and moderate-income housing in the Bay Area, recently won 9% taxcredits for a new affordable apartment community for low-incomefamilies and veterans. The developer is slated to break ground on.59 acres in February 2019 at 2821 El Camino Real in Redwood City,the site of a former Enterprise Rent-A-Car lot. Plans call for 67studio and one-bedroom apartments for households with incomesbetween 30% and 60% of the area median income. In addition, itslatest project in Palo Alto at 3703 El Camino Real was just rezonedto an affordable housing-combining district. The planningcommission unanimously approved the rezoning on September 26.
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