Housing Trust is providing a $610,313 loan to Hello Housing, a nonprofit affiliate of MidPen Housing to acquire three single family homes on Garden Street in East Palo Alto, San Mateo County. The three homes are currently rented to low-income tenants. When the tenants decide to move, Hello Housing may use the homes to create ownership opportunities for low- to moderate-income buyers.
If it weren’t for Hello Housing’s purchase of the Garden Street homes, they could have been sold at market rate to upper income residents, displacing the low-income tenants. This loan ensures that these homes will remain affordable in an area with great need for housing for low- and moderate-income families.
Over the last 10 to 15 years, more than 25% of East Palo Alto has been bulldozed and replaced with brand new housing and big box retail establishments. The community has become particularly appealing to high-tech professionals and high-income individuals who work in the proximate area. Low- and moderate-income families, many of whom have lived in East Palo Alto for years, are being pushed out of their community as affordable housing opportunities disappear.