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Apartments to stay affordable: MidPen’s $17.1 million purchase helps to preserve, improve 55 Redwood City units

Published Friday March 3


Photo: Smdailyjournal

A $17.1 mill. purchase of a 55-unit Redwood City apartment building last week is helping a housing nonprofit preserve existing below-market housing and expand the set of possible strategies available to increase the Peninsula’s affordable housing stock.

“I think the 1st impact is stability,” he said. “We think some of the residents are vulnerable economically. We’re going to bring some sustainability and predictability to that.”

“The thing that we face when we lose a building is displacement of individuals and families and it’s devastating,” he said.

Article length: About 450 words.
Tags: Foster City
Read more at Smdailyjournal

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