Plans have been revealed for a large-scale affordable housing development at 67 East Evelyn Avenue in Mountain View. The project proposal includes the development of 160 affordable housing units.
Charities Housing, acting through an affiliate Evelyn Avenue LP, has bought a property site.
The project site spans an area of 2.3 acres. Once approved, the project is expected to provide 160 units of affordable housing at the site.
Evelyn Avenue LP paid $18.1 million for the property, a triangle-shaped site where State Route 85 crosses Central Expressway. Housing Trust Silicon Valley provided $17.2 million in financing for the property purchase. Mountain View-based Google teamed up with property purchase financier Housing Trust Silicon Valley to bolster the purchase loan effort.
The tech company hopes that its alliance with Housing Trust will nourish efforts to address the lack of affordable homes in the region. The project application has been submitted and awaits approval. The construction may take up to five years or more.
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