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Belmont approves $1 million loan for 65‑unit 678 Ralston Avenue affordable housing project, 3‑2
Summary
The City Council approved a $1,000,000 residual receipts loan to CRP Affordable Housing for a 65‑unit, 100% affordable development at 678 Ralston Avenue. Council debate centered on project height, parking and the developer’s use of streamlined state approvals; the measure passed 3‑2.
The Belmont City Council voted 3‑2 on May 27 to authorize a $1,000,000 city loan to support a 65‑unit, 100% affordable housing project at 678 Ralston Avenue near the Caltrain station. The loan would be structured as a residual receipts loan with a minimum 55‑year affordability term, staff said.
Toby Lieberman, Belmont’s housing and economic development manager, summarized the request on behalf of the developer, CRP Affordable Housing and Community Development. “The resolution would authorize the city manager to negotiate and enter into an affordable housing loan funding agreement with the developer … for a residual receipts loan for $1,000,000 for the 678 Ralston Avenue project,” Lieberman said.
CRP’s representative said the site, roughly 0.36 acres…
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