A large affordable housing project in Burlingame is set to receive a financial boost from the City Council after it indicated its interest in allocating city dollars to help its completion.
The city is considering two options, a $1.4 million loan over 55 years or a fee waiver of development impact fees, which fund construction and infrastructure improvements to mitigate commercial development effects. The council, at its Oct. 17 meeting, indicated its interest in addressing its lack of affordable housing, with city staff now working with the Burlingame housing subcommittee on what option to choose and details like potential loan length.
“There is a true need for affordable housing in town,” Mayor Ricardo Ortiz said at an Oct. 17 meeting, noting it was the right thing for the city.
The housing development at 1875 California Drive is at the southwest corner of Murchison Drive along the city limit with Millbrae. The development is called Eucalyptus Grove Apartments and would offer 69 units of affordable housing to households making 20% to 50% of the area’s median income. Allied Development of Fremont and CRP Affordable Housing and Community Development are the developers. According to a city staff report, the pair have submitted an application for $22 million in county funding for the project. However, the county has said the chances of application funding approval would be strengthened with local Burlingame financing. Eli Wise, an associate with CRP, said a loan or waiver helps plug financial gaps that the county will not be covering. The city’s housing fund has around $8.7 million, with a $1.4 million loan reducing the balance to about $7.26 million.
A loan would be preferred over a fee waiver, which would lower tax credit equity by around $647,000, according to a staff report. The council indicated its interest in providing the funding, with plans for further city staff discussions on particulars.
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“I trust the housing subcommittee to work out the details, but I think we should go forward, and I think there is a lot of support,” Councilmember Emily Beach said.
“I am in favor of moving forward with this, and I would choose whatever option is more favorable for the developer,” Ortiz said.
According to a staff report, the development calls for 21 units each for one- and two-bedroom apartments, 20 for three-bedroom units, and seven for studios. The developer proposes setting aside around 18 units for veterans. According to CRP, the eight-story development would demolish the shuttered car wash site. It would be replaced with five stories of housing and three levels of podium parking, with some area devoted to a lobby, leasing office, bike room and additional common spaces. The parking would be accessed on Murchison Drive, with the garage on the west side of the building screened along California Drive. The project site is near the Millbrae transit hub, downtown Millbrae, El Camino Real and Highway 101. CRP hopes to break ground in September 2023 and complete construction in August 2025.
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