The Moffett Park Business Group supports the affordable housing project, Edwina Benner Plaza. In February, Council authorized a $5 million bridge loan of Housing Mitigation Funds to an affiliate of MidPen Housing Corporation to assist in its acquisition of property at 460 Persian Drive. The property is planned for development of a 66-unit affordable rental project for lower-income households. The bridge loan escrow closed on July 1. The loan has a term of two years, and may be converted to a 55-year permanent loan once all other project financing has been obtained (at construction loan closing). Also in late June, MidPen submitted applications for funding for this project from two sources (the Affordable Housing and Sustainable Communities and Low Income Housing Tax Credit programs). If either of those sources is obtained, the project will be fully funded and should be able to begin construction in March 2017.
