Belmont City Council
April 28, 2026

951 Old County Road Affordable Housing Funding Request
April 28, 2026
• Developer is CRP Affordable Housing
• 63 units of affordable housing with
rents between 30% and 70% AMI
• Located on Old County Road and
Masonic Way
• Less than 0.1 miles from CalTrain
Station
• Replaces existing commercial building
housing UPS store and other uses
• 7 stories of residential over parking
and corner retail and ancillary uses
• Approved entitlements in Jan 2025 via
Senate Bill 35 (SB-35) streamlining
• Developer is preparing building
permit submittal currently
951 Old County Road Affordable Housing
Funding Summary
• Project sponsor has secured over $3.0
million in County funding for the
development
• Low Income Housing Tax credit application
in process
• Developer requesting $2.0 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 and 3% interest
rate
951 Old County Road Affordable Housing
• Project provides deep affordability
with 10 units at 30% of Area
Median Income
• Adopted Housing Element calls for
providing financial support to 100%
affordable developments
• Helps City achieve RHNA Goals
under 6th Cycle Housing Element
• Supports high-density transitoriented development
• Includes ground floor retail space to
support neighborhood services and
to meet community demand
951 Old County Road Affordable Housing
• Supports local construction jobs
• City funding leverages County and affordable
housing tax credit funding sources
• Facilitates redevelopment of a Housing
Element Inventory site at higher than
assumed density
Project Benefits Summary
• 678 Ralston Ave - $1 million loan commitment (65 units) - $15k per unit • 803 Belmont (ROEM) - $3.5 million (125 units) - $28k per unit • 900 El Camino Real (LINC Housing) - $4 million land and $1 million loan (37 units) - $135k per unit
• Firehouse Square - $6 million land and $2.15 million loan (66 units) - $123k per unit In comparison the requested $2 million for 951 Old County Road is approximately $32k per unit
951 Old County Road Affordable Housing
Belmont Prior City Affordable Housing Contributions
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 $2.0 million residual receipts loan for 951 Old County Road
Action Requested of City Council
Proposed Resolution
Thank you!
Next the developer will
make a brief presentation
related to the project and
their funding request.