Congratulations to MidPen Housing on closing construction financing on Oak Gardens in Menlo Park, a 62-apartment community dedicated to serving veterans, including formerly homeless veterans, and their families earning between 30% and 50% AMI!
Housing Trust was pleased to provide a $2.2 million construction-to-permanent loan through our Apple Affordable Housing Fund (AAHF) to support this vital project, which ensures that those who served our country have long-term, affordable housing. We are proud to have a long history with MidPen, a leader in affordable housing, including recently closing another project in nearby San Mateo at 2000 South Delaware.
Located on the Menlo Park Veterans Administration (VA) campus, Oak Gardens will provide residents with easy access to vital VA medical and support staff, on-site case management services, a large community room and kitchen, as well as resident services and activities. The property also features thoughtful amenities like a community garden, dog run, walking path, and meditation circle. The site also has easy access to local shops, grocery, restaurants, and schools.
The VA campus, located on federal land, was identified as an opportunity site by the city of Menlo Park in their recent Housing Element. The 62 new affordable apartments at Oak Gardens will contribute toward the city’s goal of adding nearly 3,800 new housing units as part of its Regional Housing Needs Allocation (RHNA) by 2031. Additionally, this site complements an adjacent 60 unit building for veterans on the VA Campus developed by the Core Companies, Willow Housing (predevelopment funding was provided by Housing Trust in 2013).
A wonderful example of how affordable housing can support both residents and the environment, Oak Gardens is all-electric, designed to LEED certification standards, and will incorporate extensive use of photovoltaic solar panels.
The Apple Affordable Housing Fund (AAHF) is part of the comprehensive $2.5 billion commitment Apple made in November 2019 to help address the housing availability and affordability crisis in California. Apple’s commitment includes the $150 million Apple Affordable Housing Fund to Housing Trust Silicon Valley. Housing Trust implements the AAHF by making loans to qualified developers to help accelerate affordable housing construction across the Bay Area.