Housing is clearly one of the top issues facing Palo Alto and the State. We need to retain and create affordable housing choices and protect renters. We need housing at all levels, but affordable (below market rate) housing needs to be the priority! The challenge is building and especially retaining truly affordable housing. I supported the successful retention of Buena Vista Mobile Home Park and attempts to retain the Hotel President Apartments for housing. I supported the recent 100% affordable housing Wilton Court project, and I support continuing to look for new ways to fund affordable housing. Passing the business tax this fall is a start!
I am wondering if you have a definition of what income level qualifies for affordable housing in Palo Alto. I am prompted to ask this given the news of Los Altos — 100% affordable housing for those individuals and families earning 30% to 80% of the area median income where the median household income in Los Altos is about $240,000 annually. This would say that those between $72,000 – $192,000 qualify as needing affordable housing.
Is this what you believe is the qualifying need in Palo Alto?
Sorry that I didn’t see your question earlier!
Here is a chart that shows income levels from Silicon Valley at home’s website.
In general all affordable housing projects which are primarily funded by federal tax credits are restricted to people with in the 30-60 % Area Median Income levels, AMI.
Many think this should be extended to 80% AMI due too tinge very high cost of living in the bay area.
Inclusionary housing, meaning the percent of units we require to be more affordable in multi family projects are deed restricted at higher AMI, between 100-120%. Currently the percent of units is 15% i believe we could increase to
I believe we increase to 20%.
Housing is so expensive in Palo Alto ( and the Bay area) i think we should use all the tools we have to increase the affordable units and retain naturally more affordable units.