Affordable Below Market Rate Housing 101

Rents have skyrocketed the last decade and the median house price is even out of reach of families with two professional incomes. The high housing costs have made it increasingly difficult for people with lower incomes to remain in Palo Alto. In our public discourse on housing, affordable or below market rate (BMR) housing for the low income and very low income is often brought up as a solution and a priority for many citizens. Yet despite the increasing need for BMR housing, we seem to be falling further and further behind in meeting the demand.. So how exactly does affordable BMR housing get built? Who builds this type of housing? How is it financed? And how come we don’t see more of it? Come learn about the basics of developing new affordable, BMR housing, as well as the key hurdles and barriers facing below-market-rate housing proposals in Palo Alto today. We will have a chance to hear from and ask questions of Danny Ross, Senior Development Manager with Palo Alto Housing. For over 48 years Palo Alto Housing has been Palo Alto’s primary Affordable Housing developer. They build, develop, acquire, and manage low- and moderate-income housing in Palo Alto and parts of the peninsula. Previous projects include Oak Court, Alma Place, Sheridan Court and Treehouse. This event is sponsored by Palo Alto Forward and the League of Women Voters Palo Alto