Belmont OKs loan for affordable housing

Affordable housing developer Linc Housing from Long Beach is the project developer of the site at 870-900 El Camino Real and 800 Hill St.. Site A at 900 El Camino Real will have 24 units, and site B covers parts of the 800 block of El Camino Real and have 13 units. The 100% affordable housing project is for families and people with a disability.

The city has also agreed to sell the property for one dollar, another significant step to help reduce the cost and make it more feasible for the developer. Linc Housing has secured $500,000 and $1.4 million in funding from the San Mateo County Affordable Housing Fund for the development. As part of the agreement, the development must be used as affordable housing for at least 57 years. The loan agreement also includes a 3% interest rate. Mayor Julia Mates hailed the city and previous councils for persevering and sticking with the project over the years, noting funding and construction of affordable housing is a long process.

“These things don’t just happen quickly,” Mates said. “This is definitely something that takes a while.”

The developer aims to begin construction in December 2023 or early 2024, following the securing of state housing funds. Construction will last for 18 months, with the leasing process starting four months before the end of construction. The developer will receive referrals for disabled units and a lottery system for affordable units. Link Housing was chosen as the preferred developer in 2017 and entered into an exclusive negotiating agreement with the city to finalize financing. The city and Link Housing have extended the agreement several times as Link Housing looked for financing options. Potential improvements include a new sidewalk, curb, gutter and trees. The site will have 12 parking spots.

The property is near Belmont Hardware and has been vacant for more than a decade. It previously was small retail, with the small site a barrier to development. Several councilmembers noted that the property had been dormant for too long and were glad the city had finally found a use to help the community.

“This is not a huge project, but for that site, it’s actually quite a few units considering the site,” Councilmember Tom McCune said.

“It’s an exciting opportunity to have families and individuals with different abilities and those in different stages of their lives being able to stay in our community,” Vice Mayor Davina Hurt said.

The project is also at the northern edge of the Belmont Village Specific Plan, a blueprint for the future downtown Belmont area, and is near the Belmont Caltrain Station. It is also near the Firehouse Square site at 1300 El Camino Real, which will hold 66 affordable housing units and recently started welcoming residents. The city in February also approved the demolition of the current building, with the estimated cost of the destruction at $85,000. The council unanimously approved the loan agreement at its Feb. 28 meeting.

curtis@smdailyjournal.com

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