Stanford contributes $1 million toward affordable housing in Redwood City

Today, Stanford University announced it is contributing $1 million to support the City of Redwood City’s efforts to increase local affordable housing. The contribution is part of Stanford’s ongoing commitment to help address regional housing challenges in one of the country’s most expensive real estate markets.

“Providing affordable housing for people of all economic backgrounds is a critical need for our region, and we’re pleased to further support that effort in partnership with Saint Francis Center,” said Steve Elliott, managing director for development in Land, Buildings and Real Estate at Stanford. “From the initial conception of our Stanford Redwood City campus, we made a commitment to being engaged in the life of the Redwood City community, and this investment is an important part of that commitment.”

The funds will be awarded to Saint Francis Center to assist in the purchase of 25 units of housing for residents at risk of being displaced from downtown Redwood City. The acquisition allows current tenants of the Benedicere Apartments, located at 780 Bradford Street, to remain in their homes at existing rental rates, which are below average local rents. All units will eventually be converted to affordable housing for low- and very low-income tenants, based on Department of Housing and Urban Development standards, as existing residents vacate their units. Current tenants will also have the opportunity to qualify for affordable housing rates.

“Stanford University’s investment in St. Francis Center will help low-income families for decades to come,” said Ian Bain, mayor of Redwood City. “One of Redwood City’s key priorities is housing, and this type of partnership between a private organization and a non-profit is exactly what we need to advance the goal of making housing affordable to residents at all income levels. By doing this, Stanford is helping preserve affordable units and address a critical community need. On behalf of the City Council, and all the people of Redwood City, I thank Stanford for doing this.”

“Stanford’s support comes at a critical time, as this property is one of the largest naturally affordable apartments left in the core downtown that can be preserved for low-income residents,” said Sister Christina Heltsley, executive director of Saint Francis Center. “We have 27 wonderful years of experience providing, rehabbing, owning, operating, and maintaining dignified and high-quality housing for low-income families. This project means 25 households will have a secure place to live and thrive.”

Stanford has long been a leader in supporting housing projects both on its own land and through affordable housing contributions, and this contribution reflects its commitment to supporting affordable housing.

Under Stanford’s current General Use Permit, a land-use entitlement enacted with Santa Clara County in 2000 that governs land use on the core campus, the university contributed $26.1 million to Santa Clara County’s affordable housing fund and anticipates contributing an additional $11 million during the duration of the permit.

These contributions have funded 286 units of affordable housing within a six-mile radius of campus, as well as Santa Clara County’s portion of a joint effort with the City of Palo Alto and the Housing Authority of Santa Clara County to acquire and preserve the Buena Vista Mobile Home Park in Palo Alto. Stanford has proposed making an additional $56 million affordable housing contribution as part of its application for a new General Use Permit through 2035, which is currently being considered by Santa Clara County.

Stanford is building a new campus in Redwood City, expected to open in 2019, that will be home to 2,700 employees who support the university in key areas, including research, overseeing technology and financial operations, maintaining the university’s lands and buildings, and creating and implementing human resource policies and procedures. This is the first significant expansion for Stanford outside its original campus. The Redwood City campus is intended to reflect Stanford’s spirit, mission and culture, as well as complement Redwood City’s renaissance.

The Stanford Redwood City campus will be located on the site of the former Mid-Point Technology Park across from the Stanford Medicine Outpatient Center off Highway 101. The 35-acre site is five miles from the main campus. The campus is currently under construction and will be developed in phases over time based on the ongoing needs of the university.

The project will have 2.4 acres of open space and provide more than $15 million in public benefits to Redwood City, including funding for a variety of community priorities, such as neighborhood street enhancements in Friendly Acres, Redwood Village and North Fair Oaks; storm water (flooding) improvements; community sustainability; recreation and wellness; the Redwood City Education Foundation; and bicycle lane improvements. The $1 million contribution supporting affordable housing is in addition to the public benefits.

More information about Stanford Redwood City, including a comprehensive list of community benefits, can be found here.

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