$8.1 million was loaned to Palo Alto Housing to purchase a site at 950 W. El Camino Real in Mountain View. PAH intends to demolish the existing, underutilized structure to develop and operate a 70 unit 100% affordable housing complex. Twenty of the units will be reserved for permanent supportive housing aligning with Santa Clara County’s Measure A funding priorities.
The money lent to PAH has a unique origin: LinkedIn recently made a $10 million investment in affordable housing by using Housing Trust’s TECH Fund, and that investment was able to be put to use right away for this development. Another portion originates from the Supportive Housing Fund, a partnership between Housing Trust and the County of Santa Clara.