Eden Housing discusses $100M plan for affordable senior housing in Bay Area

The San Ramon Planning Commission meeting on February 4, 2025, focused heavily on the proposed Eden Housing affordable housing project, which aims to build 200 units in the city. A significant point of discussion was the architectural design and its impact on the community, with some commissioners expressing concerns that the current design resembled an industrial or hospital-like structure. Suggestions were made to incorporate more inviting colors and architectural elements to create a homey atmosphere, particularly for senior residents.

Financing for the project was another critical topic. Representatives from Eden Housing explained that they cannot begin financing applications until after the project receives entitlements. They acknowledged the high costs associated with building affordable housing in the Bay Area, estimating that the construction costs could exceed $100 million for the proposed units. The discussion highlighted the complexities of financing, including the reliance on tax credits and the current lending environment, which is influenced by fluctuating interest rates and material costs.

Commissioners also sought clarity on the affordability levels of the proposed units. Eden Housing representatives explained that while the average affordability would not exceed 60% of the Area Median Income (AMI), the project would include units targeted at various income levels, including extremely low and very low-income households. The representatives emphasized that the tax credit program requires them to maintain this average to secure necessary funding.

The meeting underscored the challenges of balancing community needs with financial viability in affordable housing projects. As the commission moves forward, the design and financing strategies will be crucial in determining the project's success and its ability to meet the housing demands of San Ramon residents. The discussions from this meeting will likely shape the next steps in the approval process, as the city continues to address its housing crisis.