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Belmont council approves $1 million loan for 678 Ralston affordable housing project in 3–2 vote
Summary
The City Council approved a $1,000,000 affordable housing loan to CRP Affordable Housing & Community Development for a 65‑unit project at 678 Ralston Avenue. The resolution passed 3–2 after council debate over project height, parking and process; the loan would be a residual‑receipts loan with a minimum 55‑year affordability term.
The Belmont City Council voted 3–2 on Tuesday to authorize the city manager to negotiate and enter into a $1,000,000 affordable housing loan agreement with CRP Affordable Housing and Community Development for a proposed 65‑unit, seven‑story development at 678 Ralston Avenue near the Caltrain station.
Toby Lieberman, the city’s housing and economic development manager, presented the request and said the $1,000,000 would come from the city’s affordable housing receipts loan fund and would carry a minimum 55‑year affordability requirement. "The developer is requesting $1,000,000 a $1,000,000 city contribution," Lieberman told the council as he summarized financing sources and the affordability mix.
Ryan Andrews, representing CRP, described the…
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