In this current economic climate, there's nothing more important than preserving affordable housing in San Mateo County. I'm proud to say that the County Board of Supervisors, in a first-of-its-kind partnership with MidPen Housing, agreed to lend $5.8 million for the purchase of the Atherton Court apartments located on Rolison Road, east of Hwy 101 near Marsh Road in Redwood City. In all, 55 homes were saved. Once the property is acquired (in December 2016), MidPen will work to secure funding to renovate each units. The renovations will include new doors, new windows, a new roof, building systems improvements, and improvements to the interiors. The renovation phase will take care of the deferred maintenance.
This is the first loan that our Board has approved through the county's Measure A funded Affordable Rental Acquisition and Preservation Program. I am so proud of this partnership. It will prevent the eviction of the current tenants, secure affordable housing for residents forever, and create a model for moving forward.