Developer: CRP Affordable Housing and Community Development
Housing Trust Loan: $4,000,000 Acquisition
Proposed Units: 63
Population Served: Families
Congratulations to CRP Affordable Housing and Community Development on securing acquisition financing for 951 Old County Road, a 63-unit development that will provide much-needed affordable housing for low-income families in Belmont, San Mateo County. Housing Trust is pleased to provide a $4,000,000 acquisition loan through our TECH Fund to support this project, with includes 14% of units for extremely low-income households.
The project is located in a “Highest Resource Area” as designated by the California Tax Credit Allocation Committee (CTCAC) and California Department of Housing and Community Development (HCD), meaning it offers high opportunity levels in terms of economic, educational, and community resources. This Belmont neighborhood is well-served by essential resources, including grocery stores, healthcare facilities, and quality schools.
The project will be LEED Certified, reflecting its commitment to sustainability and energy efficiency. In addition, there will be a children’s play area and family friendly amenities to ensure that families will thrive.
This is our sixth project with CRP – we’ve closed over $16 million in funding to date since 2021, including a predevelopment loan for 69th Street Apartments in Sacramento. We’re proud to continue our partnership and look forward to working together on more projects.