801 Alma Street Family Housing

Targeted Resident Population

This will be a family-friendly community; an economically-integrated environment; a place where grandparents can enjoy having their grandchildren living nearby.

Who will live here? 801 Alma Street will target our store clerks, gardeners and restaurant staff. Families of our local grocery checker, medical assistant, child or elder care provider and other workers integral to our community will live here.

801 Alma Street will provide 50 homes for working families who cannot afford current housing costs in our community. We plan to market the apartments to families whose annual incomes are at or below 20% to 35% of the Area Median Income (AMI). In Santa Clara County in 2010, this equates to approximately $14,500 for one person up to $42,035 for a family of six.

The rents that are intended for 801 Alma Street range from $354 (for a one bedroom apartment) up to $886 (for a three bedroom apartment), well within the means of the targeted low-income families.

Construction of this project will be funded primarily through public sources, and the Community Working Group has contributed private funding. There also will be a mortgage supported by the rent collected from the families. In order to maintain the low rents described above over the long term, the Community Working Group is conducting a capital campaign to minimize the mortgage. This additional up-front capital will supplement the public sources that are identified in the development budget. Any additional capital will lower the mortgage and help to maintain this affordable development to enable low-income families to both work and live in Palo Alto.

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