Structure Awards 2016 | Willow Housing

Eah Housing

Structure Awards 2016
Affordable Residential Project Winner
Willow Housing
605 Willow Road, Menlo Park

Everyone knows affordable housing projects are difficult to finance, but those challenges grow when developers target the lowest-income earners. The team behind the Willow Housing project in Menlo Park didn’t let that stop them. The Spanish-style project opened early this year, providing 60 units for very-low income veterans.

Getting it done required locking down funding from 10 different sources and making creative use of land. Developers the Core Companies and EAH Housing are leasing the two-acre site on the Veteran Administration’s Menlo Park campus for free under an initiative to put underused VA land to work for homeless housing.

The need is huge: The 2014 Santa Clara and San Mateo Counties’ Homeless Count estimated there are 926 homeless veterans on any given night. The VA says almost 70 percent of all homeless veterans in the region have at least one disability, making it tough to afford the area’s legendary high housing costs.

Rents at the project start at $554 for a studio, and the community includes numerous services to help with employment, health and wellness, financial planning and community building. Proximity to the VA means it’s easy for residents to obtain services there, as well.

Size: 43,760 square feet; 2 acres; 60 units

Cost: $29.5 million

Status: Completed December 2015

Financing: The two-acre site was contributed by the Department of Veterans Affairs through a no-cost, 75-year ground lease. The 9 percent Low Income Housing Tax Credit program and California state tax credits were secured in 2014, generating approximately $13 million in tax credit equity through partnerships with National Equity Fund and Silicon Valley Bank. Additional permanent subordinate debt financing was provided by the city of Menlo Park ($2.9 million), county of San Mateo ($1.2 million), and the Department of Veterans Affairs ($1.6 million).

Unique features: Early in the conceptual design process, formerly homeless veterans provided design input. Roll-in showers and fully adaptable unit designs enable veterans to age in place regardless of mobility impairments. Sound insulation mitigates environmental sound nuisances that can trigger PTSD symptoms. Interior and exterior designs were based on veterans requesting a calm, serene environment.

Tidbit: The building was situated to preserve mature oak trees, which create a serene environment for residents. Many are managing PTSD related to military service and stress associated with homelessness.

Artwork: Wall art throughout the building and a sculpture in the garden area were commissioned through the Veteran Artist Program, a nonprofit that “takes artists who are also veterans, and propels their works and careers into the mainstream creative arts community.”

 

Silicon Valley Business Journal - Structure Awards 2016 | Willow Housing Team


Key Players

Developers: The Core Companies and EAH Housing

General contractor: Core Builders

Architect: VTBS Architects

Interior design: HKIT Architects


Key Partners

Non-profit partner and property management: EAH Housing

Services: HomeFirst

Insurance provider: Bozzuto & Associates Insurance Agency

Financing: Federal and California Low Income Housing, City of Menlo Park, County of San Mateo, Department of Housing, U.S. Department of Veterans Affairs, National Equity Fund, Silicon Valley Bank


Read more: http://www.bizjournals.com/sanjose/news/2016/09/22/affordable-residential-project-award-winner-willow.html