Belmont City Council
May 27, 2025

678 Ralston Ave Affordable Housing Funding Request
May 27, 2025
• Developer is CRP Affordable Housing
• 65 units of affordable housing with
rents between 30% and 70% AMI
• Located on Ralston Ave near Elmer St.
• Less than 0.1 miles from CalTrain
Station
• Replaces existing single-story
commercial building (Dry Cleaners)
• 7 stories of residential over parking
and ancillary uses/leasing office
• Approved entitlements in May 2024
via Senate Bill 35 (SB-35) streamlining
• Developer is preparing building
permit submittal currently
678 Ralston Ave Affordable Housing
Funding Summary
• Project sponsor has secured over $11.0 million in
County funding for the development
• $4.0 million acquisition loan from HEART
• Low Income Housing Tax credit application in
process
• Developer requesting $1.0 million in City
contribution
• City funding would come from the Affordable
Housing Fund
• Funding contribution would be structured as a
residual receipts loan with minimum 55-year
affordability term
678 Ralston Ave Affordable Housing
• Project provides deep affordability
with 17 units at 30% of Area
Median Income
• Project in line with housing element
policies of providing financial
support to 100% affordable
developments
• Helps City achieve RHNA Goals
under 6th Cycle Housing Element
• Supports high-density transitoriented development
678 Ralston Ave Affordable Housing
• Supports local construction jobs
• City funding potentially leverages County and
affordable housing tax credit funding sources
• Facilitates redevelopment of underutilized
site in City core
• 678 Ralston Ave listed as pending/pipeline
project in adopted Housing Element
Project Benefits Summary
Authorize the City Manager to negotiate and enter into a Loan Funding Agreement with CRP Affordable Housing and Community Development or one of their affiliated entities or partners to provide $1.0 million residual receipts loan for 678 Ralston Avenue
Action Requested of City Council
Proposed Resolution
Next the developer will
make a brief presentation
related to the project and
their funding request.