What is the story about?
What's Happening?
The Foothill-De Anza Community College District has approved the purchase of 50 affordable apartments for staff, located at 699 N. Shoreline Blvd. in Mountain View. This acquisition, costing approximately $54.5 million, is part of a collaboration with the Mountain View Whisman School District, which owns the complex. The purchase is funded by Measure G, a bond passed in 2020. The initiative aims to address housing affordability for college employees, with eligibility based on income levels. The move is seen as a more financially viable option compared to constructing new housing.
Why It's Important?
This purchase represents a significant step in addressing the housing challenges faced by educators in Silicon Valley, where high living costs often outpace salaries. By securing affordable housing, the district aims to retain and support its workforce, enhancing employee satisfaction and stability. The initiative reflects broader efforts to tackle housing affordability in high-cost areas, potentially serving as a model for other educational institutions facing similar challenges.
What's Next?
The college district will finalize paperwork and establish rent and prioritization criteria for the apartments. As the demand for affordable housing remains high, further acquisitions or construction projects may be considered to meet the needs of more employees. The success of this initiative could influence other districts to explore similar partnerships and funding strategies.
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