Some residents and employees of Mountain View might be in for a bit of relief in their monthly rent.
The city has opened up the application process for apartments in two different apartment buildings that would provide affordable and below-market rentals to qualifying applicants. This news comes at a time when the price of renting continues to increase due to a lack of available apartments.
"It's hard to buy property right now and hard to rent," said Rose Meily, public affairs director for the Silicon Valley Association of Realtors. "There's definitely a squeeze."
The first deadline on Dec. 21, 2012 at 5 p.m. is for below-market value units in the new luxury Madera Apartments at 455 W. Evelyn. Ave. Out of the 203 apartment units in the building, four one-bedrooms and three two-bedrooms would be available for about $1,350 to $1,600 a month in rent starting in Jan. and Feb. 2013. At market the most affordable of these apartments range between $2,800 and $3,800. The application is available on the city's website.
The following is the income criteria for the Madera Apartments:
Minimum Income (50% AMI)
Maximum Income (80% AMI)
The second deadline on Jan. 11, 2013 is for the affordable housing units at the new Franklin Street Family Apartments. Information will be available on http://www.FranklinStFamily.com or by email at Franklin.Street@fpimgt.com. Income information could not be accessed by Mountain View Patch by the time of publication. (Check back for updates on the application process for the Franklin Street Family Apartments.)
Here's a chart of the criteria for apartment project:Madera Apartments Franklin Street Family Apartments Preference given to current residents for at least the past six months X Preference given to city employees for at least one year X Preference given to public safety employees of the City of Mountain View X Preference given to public school teachers who work in the City of Mountain View X Preference given to current residents for at least two of the last four years X Preference given to current residents who have worked in the City of Mountain View for at least two years X Deadlines 12/21/2012 01/11/2013
What do you think about the income requirements for the Madera Apartments? What do you think about the rent offered? What do you think about the criterias? Share with us in the comment section below.
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