VTA Working on Solutions That Move You and House You4/16/2019 2:14 PM |
VTA is playing a major role in the development of affordable housing in one of the costliest areas of Santa Clara County.
The VTA Board of Directors and Mountain View City Council approved a deal for the City to lease VTA-owned land for the development of a 100% affording housing project that will serve a range of incomes from permanent supportive housing to moderate income levels. Currently, Mountain View’s median home price is $1.8 million.
The deal comes in the form of a long term ground lease at VTA’s Evelyn Station Park and Ride Lot, which is adjacent to the Caltrain corridor. Encouraging transit oriented development is a priority for VTA to both develop a long term source of income for the agency and to help increase public transit ridership. The City of Mountain View will lease the land from VTA and will issue the request for proposal to potential developers.
The proposed project will provide affordable units for individuals and families in income categories ranging from 30% of Area Median Income up to 120%. For a family of four that could be anywhere from $40,000 to $150,000 per year, and for a single individual anywhere from $28,000 to $105,000 per year.
Those eligible for housing in this development must qualify for Mountain View’s Live Work affordable housing preference program, which includes VTA employees who live or work in Mountain View.
The next step in this process is to finalize the ground lease and then the City of Mountain View will begin working on proposal requests. The earliest estimate for a finished development is 3 to 5 years.