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Belmont council approves $2 million loan commitment for 63-unit affordable project at 951 Old County Road
Summary
The council unanimously approved staff’s recommendation to authorize the city manager to negotiate a residual-receipts loan of up to $2 million for a 63-unit, 100% affordable project near Belmont Caltrain; staff said the loan would be a 55-year minimum term at 3% interest with payments from project cash flow.
The Belmont City Council voted 4–0 on April 28 to authorize a city loan commitment of up to $2 million for a proposed 63-unit, 100% affordable housing project at 951 Old County Road.
Toby Lieberman, housing and economic development manager, outlined the proposal: the developer, CRP Affordable Housing and Community Development, is seeking a residual-receipts loan from the city’s affordable housing fund. The loan would be…
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