Groundbreaking of Stevenson Terrace, a Development of MidPen Housing
On March 1st Fremont Mayor Lily Mei joined other city and county leaders and Bank of America Merrill Lynch to celebrate the groundbreaking of Stevenson Terrace, an affordable rental apartment community being developed by MidPen Housing.
Stevenson Terrace, which will provide 80 affordable homes for families and individuals, is a response to the tremendous need for affordable workforce housing in the expanding Silicon Valley. Located on a previously vacant site in Fremont’s Central District, mere steps away from Fremont’s Central Park and in close proximity to the Fremont BART station, AC Transit and VTA bus lines, residents of Stevenson Terrace will live close to hundreds of jobs, public transportation, and many community amenities. Local businesses will benefit from additional permanent housing for their lower-income workers and residents will benefit from reduced housing costs in one of the nation’s most expensive housing markets.
“Affordable housing is critical to the vitality of our city and one of the most significant regional issues we face which is why our city welcomes Stevenson Terrace today,” said Lily Mei, Mayor of Fremont. “Stevenson Terrace brings much needed affordable housing with close proximity to schools, public transportation, parks, retail centers, and many community amenities. Residents will be able to work, shop and play within easy access to their homes.”
Stevenson Terrace is an example of the kind of communities made possible by state legislation that requires local jurisdictions to provide the first opportunity to buy sites desiignated as “surplus land” to entities proposing the development of low- and moderate-income housing before opening up the sale to the general public. In this case, the City of Fremont had designated this site as surplus land in 2013 and then in 2014 rezoned it as residential. The City then requested bids from eligible entities to acquire the site and MidPen submitted an offer which was accepted. In addition, later in 2014 the City also released a NOFA – Notice of Funding Availability – to provide financing for proposed affordable housing developments, some of which was awarded to Stevenson Terrace. All of this laid the groundwork which enabled Stevenson Terrace to move forward in a timelly manner.
“The City of Fremont has long been forward-thinking in their vision and commitment to provide a wide range of housing solutions for their diverse residents,” said Matthew O. Franklin, President of MidPen Housing. “Stevenson Terrace is another example of this leadership and provides a model for other cities to follow.”
“Stevenson Terrace is an example of the Bank’s commitment to provide safe, secure, and affordable housing in the San Francisco Bay Area,” said Ari Beliak, Senior Vice President of Bank of America Merrill Lynch. “We look forward to supporting MidPen Housing, the City of Fremont and other private and public partners as we all seek to address the affordability crises in the Bay Area.”
Stevenson Terrace is expected to welcome its first residents in summer 2019. The community will provide 30 one-bedroom, 26 two-bedroom, and 24 three-bedroom apartments for individuals and families earning up to 60% of Area Media Income (AMI) which is $62,580 for a family of four. Residents will also enjoy private covered porches or balconies with views of the surrounding hills as well as many community amenities: a community room with kitchen, computer lounge, a children’s play area, a classroom for the after school program, an outdoor courtyard, and secured bicycle storage. Many green design features will be utilized in developing Stevenson Terrace including: a solar hot water system, rooftop solar energy panels, energy efficient appliances, and drought tolerant landscaping.
MidPen Services Corp. will provide a broad array of services to empower residents of Stevenson Terrace to advance in key areas of their lives. This includes an academically-based After School Program for youth; financial capability courses, vocational development, career counseling, computer lab and assistance, health and wellness programs, and connections to community resources. MidPen Property Management Corp. will provide onsite professional property management.
Financing for the $48.8 million development was provided by a variety of public and private sources including the City of Fremont; the Alameda County Housing and Community Development Department; the Housing Authority of the County of Alameda; the California Department of Housing and Community Development; the California Tax Credit Allocation Committee and Bank of America N.A. The architect is Herman Coliver Locus Architecture and the contractor is Devcon Construction.