Franklin Street Family Apartments recently celebrated its grand opening in Mountain View, Calif., the hometown of Google.
The Internet company helped financed ROEM Corp.'s $23.4 development by providing $6.5 million in low-income housing tax credit (LIHTC) equity. The firm also provided an $81,859 grant for computer equipment and free Internet access for residents.
“Mountain View has been a wonderful home to Google, so we couldn’t be more thrilled to help others make this community their home as well,” said Kojo Ako-Asare, head of Google's corporate finance team, in a statement. “Google remains committed to supporting affordable housing options in areas that allow for use of alternative transportation.”
Google has invested in several other LIHTC properties in recent years, including MidPen Housing Corp.'s Fair Oaks Plaza in nearby Sunnyvale.
At Franklin Street Family Apartments, the company worked with syndicator AEGON USA Realty Advisors, Inc., on the 4 percent LIHTC deal. The city of Mountain View and Citi Community Capital also provided financial support.
The development is home to families earning no more than 50 percent of the area median income.
“Franklin Street Family Apartments is a shining example of public and private stakeholders coming together to develop a new affordable housing community that is indistinguishable from market-rate housing,” said Jonathan Emami, vice president of ROEM.
Designed by KTGY Group, the 51-unit development consists of a three- and four-story “C” shaped residential building with 92 parking spaces in a subterranean parking garage.
The new community is environmentally-sensitive and includes energy conservation features such as solar photovoltaic panels, water and energy-efficient appliances and fixtures, and transit passes for residents. The project is constructed using sustainable building methods and incorporates a number of green features designed to ensure its long-term energy-efficiency and sustainability. ROEM is seeking LEED platinum certification.