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Nice affordable housing project here with funding provided by Meta.

Increased Funding Approved For Teacher Housing At 231 Grant Avenue, Palo Alto



BY: ANDREW NELSON 5:00 AM ON FEBRUARY 18, 2022

Approved funding has been secured by the Santa Clara County Board of Supervisors for the construction of 231 Grant Avenue, Palo Alto. Once finished in 2024, the project will offer housing for over a hundred teachers to work in San Mateo County and Santa Clara County. Mercy Housing and Abode Communities are responsible for the project.

The proposal would demolish the existing 6,800-square-foot office building and would construct a new four-story facility, totaling approximately 112,000 square feet. The buildings would be developed with 110 affordable rental units.

Approximately 2,000 square feet of community space, including a lounge, activity room, and laundry, would be provided for resident-use and management offices and about 1,200 square of commercial space. Parking will be included for 112 vehicles and 134 bicycles.

...

The project is being developed in collaboration with the County of Santa Clara, Meta, formerly Facebook, the City of Palo Alto, and engaged school districts in Santa Clara and San Mateo Counties. According to the project website, 231 Grant “is intended for Santa Clara and San Mateo County teachers, school employees, and their families. The selection criteria, application process, and other resident policies are not yet determined.”

...

In late 2019, Meta gave $25 million for the project as part of a publicity effort supporting affordable housing in the Bay Area. The firm established in December of 2020 the Community Housing Fund, setting aside $150 million for affordable housing projects in the Bay Area, hoping to solve a crisis exacerbated by the confluence of Silicon Valley’s astronomical growth in the 21st Century, which worsened the housing supply shortage.

In September of 2021, Meta donated another $38 million for four affordable housing projects across the Bay Area, as reported by Troy Wolverton for the Silicon Valley Business Journal.

https://sfyimby.com/2022/02/increase...palo-alto.html