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HIP Housing helps provide affordable housing in Menlo Park
Posted on April 19, 2021 at 6:16 pm by Clay Curtin
On April 1,
purchased a 14-unit apartment community in Menlo Park located at 6-8 Coleman Place. Coleman Place includes 12 one-bedroom and 2 two-bedroom units ranging in size from 650 to 850 square feet. HIP Housing will keep rents affordable for longtime residents at 60% of the area median income (AMI) allowing them to age in place while preserving affordable homes for low-wage workers who work locally.
Coleman Place is
HIP Housing’s third property
in Menlo Park. The first was a 12-unit property on Willow Road purchased in partnership with the City of Menlo Park in 2012. The second is a four-bedroom home that HIP Housing received as a donation, which is home to two families participating in the Self Sufficiency Program.
The City of Menlo Park awarded HIP Housing the majority of the $7,450,000 needed to purchase Coleman Place, while Beacon Business Bank, a locally-owned bank in San Mateo county, financed the remainder and Facebook provided $125,000 in gap funding.
Last year, 49 people from Menlo Park contacted HIP Housing for affordable housing information. 26 residents and 36 people who work in Menlo Park applied to HIP Housing’s Home Sharing Program and received housing and community resource information.
Four Menlo Park residents or employees were matched through the
Home Sharing Program
during the year and seven Menlo Park residents stayed matched from the previous fiscal year.
Five families in Menlo Park, including 6 adults and 6 children, participated in the
Self Sufficiency Program
during the year. Two families lived at the 4-bedroom shared home on Chilco Street.
, which stands for Human Investment Project Housing, is a nonprofit organization based in San Mateo that has specialized in affordable and creative housing solutions in San Mateo County since 1972. Each year, HIP Housing helps 1,400 people find housing or keep their homes through our Home Sharing and Self Sufficiency Programs as well as through housing units we own and manage.
For more information or to request a virtual appointment visit the HIP Housing webpage or call 650-648-6660. Please
email Chris Sturken
or call 650-348-6660 x349 with any questions.
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