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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 structured with a minimum 55-year term and a 3% interest rate; payments would come from project cash flow rather than a fixed payment schedule.
"The request tonight is for approval of $2,000,000 city contribution," Lieberman said, adding the applicant has secured $3,000,000 in county funding and is preparing a low-income housing tax credit application.
Ryan Andrews of CRP described the firm’s experience and financing strategy, noting difficulties in the current market but saying the soft loan would help the project move to construction. He told council the design includes roughly 1,300 square feet of ground-floor retail that will be open to the public.
Council members asked about retail access and durability of commitments to community benefits. One councilmember said the city has been "burned before" and sought assurances; Andrews and staff pointed to approved plans and commitments, and staff noted the retail square footage was part of approved plans.
After staff and developer remarks, no public comment was offered. The council moved, seconded and approved the staff recommendation 4–0.
The action authorizes the city manager to negotiate and execute a loan agreement; the council record says staff will return with final documents and that the loan uses the city’s affordable housing fund.
