The CMFA issues $21,705,000 in Bonds to the Palo Alto Housing Corporation for the Colorado Park Apartments located in Palo Alto, California
Jan 21, 2016
Palo Alto’s community leaders recognized that the issue of affordable housing in the City of Palo Alto deserved attention. To address this concern, the City Council assisted in establishing the Palo Alto Housing Corporation (“PAHC”) in 1970 as a private non-profit agency.
The Colorado Park Apartments is an affordable multifamily acquisition/rehabilitation project that will consist of a seven-building, 60-unit garden walk up complex. Fifty-five apartment units will be restricted to residents with household incomes no greater than 50% and 60% of the Area Median Income. The financing of this project will result in the creation of 55 affordable apartments for the next 55 years in the City of Palo Alto.