
The Gateway at Millbrae Station affordable housing development will provide new homes to veterans in the San Francisco Bay Area.
The Core Cos., in partnership with Republic Urban Properties, announced that the 80-unit project has been awarded $23.6 million in bond authority by the California Debt Limit Allocation Committee. The award is the final piece of the project’s funding structure, putting the development on track to break ground in the first quarter of 2021 and open in early 2022.
The development will also utilize about $16.8 million in 4% low-income housing tax credit funding.
Located in Millbrae, the property will serve residents earning 30% to 60% of the area median income, with 79 units targeted to veterans.
It is part of the larger Republic Urban Properties project, which will include 320 market-rate apartments, 150,000 square feet of commercial office space, 44,000 square feet of mixed-use retail, and a 164-room Marriott Residence Inn hotel, all adjacent to the Millbrae BART station.
Previously, the affordable housing development received a little more than $18 million through the Affordable Housing and Sustainable Communities (AHSC) program, which provides funding generated through the auction of pollution permits through the state’s “cap and trade” program. Administered by the California Strategic Growth Council, the AHSC program provides grants and loans to projects that achieve greenhouse gas reductions through the development of affordable housing and related infrastructure, capital transit improvements, and associated programming, the majority of which directly benefit disadvantaged and low-income communities.
In addition to bringing the community new affordable homes, the project provides resources to BART for track extension, to the city of Millbrae for local trail enhancements, and to the Silicon Valley Bicycle Coalition for expanded biking infrastructure.