The property has a diverse unit mix with eight one-bedroom, 24 two-bedroom, 22 three-bedroom and six four-bedroom apartments. The development also includes a laundry facility and 90 spaces of both covered and uncovered tenant parking.

“Colorado Park Apartments is a wonderful example of affordable housing preservation and modernization,” said Candice Gonzalez, president and CEO of Palo Alto Housing. “Through high-quality design and construction, we were able to significantly update the buildings and enhance the quality of life of our residents here. This rehab and syndication also ensure that these homes remain affordable for the long-term.”

Gonzalez recently discussed the renovation project in more detail in this exclusive.

GlobeSt.com: This project is not only a reuse (preservation) but affordable, both of which are critical in the Bay Area. Would you say this project is unique in that way?

Gonzalez: This project is unique in that it was our first property built over 45 years ago. It was also a property that no longer had any affordability restrictions on it so it was up for conversion to market rate. Through this rehab and tax credit syndication, we ensured that this property remains affordable for the next 55-plus years. We voluntarily added affordability restrictions to it because the stability and security of our resident is important to us. Over the last few years, we have received many inquiries and offers to purchase it from private owners who likely wanted to convert the property to market rate and take advantage of the very high rental market in Palo Alto. Of course, this was not aligned with our mission of providing and maintaining affordable homes.

GlobeSt.com: There are 486 people currently on the wait list and it will take an estimated five to seven years to work through the list. Obviously, housing is critical in the Bay Area. What other projects or ways can this issue be addressed?

Gonzalez: We have one to two more new projects in the works in Palo Alto which we are hoping the community will support. We currently have an affordable housing project under construction in Mountain View (with units set-aside for veterans), plus three more potential projects in Mountain View. Mountain View has been extremely receptive and proactive when it comes to resolving the housing/jobs imbalance. We also have a couple of projects in the works in other neighboring jurisdictions.

GlobeSt.com: The city of Palo Alto has once again given its stamp of approval on this project after being an original partner. Does this speak to the strength of the original location/design/affordability aspect or all of the above?

Gonzalez: It speaks to all of the above. Colorado Park blends in well with the surrounding neighborhood and is a great example of a successful affordable housing property. In addition, it also speaks to the city of Palo Alto's recognition that housing for all income levels is vital to the community. With this recognition, we hope to see changes to the city's land use regulations so that affordable housing development can be streamlined.

GlobeSt.com: What other issues will need to be addressed in order to stem the affordable housing crisis in the Bay Area?

Gonzalez: We are in the middle of an affordable housing crisis. A crisis means that we, as a community, need to react immediately. Let's work with our cities to streamline the development process and change outdated zoning codes and land use regulations that are prohibitive to affordable housing development. Currently, there are many housing bills on the floor that we need to follow and support. We need to seriously consider taking away local control from cities that are not meeting their fair share of housing. Every city needs to do its share of building more housing located near jobs and transit. Building housing near jobs will alleviate traffic and pollution, as well as improve the quality of life of employees. Some cities need to work harder to change outdated zoning codes and excessively restrictive land use regulations that make building affordable housing prohibitive. In Palo Alto (and Silicon Valley in general), the income disparity is so pronounced that it is even more critical to preserve our existing affordable housing stock.

PALO ALTO, CA—Originally constructed in 1972, Colorado Park Apartments is an affordable residential rental community developed and redeveloped by Palo Alto Housing. The city of Palo Alto was also a partner in the original construction of the multifamily property. The seven-building, 60-unit garden walk-up complex is located at 1141 Colorado Ave.

Last year and in the first part of this year, Palo Alto Housing made extensive renovations to the complex through an update of the aesthetic style, while reducing its environmental impact through more efficient appliances and water-saving fixtures. In addition to the replacement of the building façade, various exterior improvements were made, including adding solar panels and native drought-resistant plants.

The cost of the renovation was approximately $31.9 million. Its grand re-opening was celebrated by Palo Alto mayor Greg Scharff, city council members and other local leaders.

“The city of Palo Alto is proud to be a longstanding partner of Palo Alto Housing,” said Scharff. “Preserving and renovating high-quality affordable housing like Colorado Park helps ensure that Palo Alto continues to be a great place to live, work and raise a family.”

The property has a diverse unit mix with eight one-bedroom, 24 two-bedroom, 22 three-bedroom and six four-bedroom apartments. The development also includes a laundry facility and 90 spaces of both covered and uncovered tenant parking.

“Colorado Park Apartments is a wonderful example of affordable housing preservation and modernization,” said Candice Gonzalez, president and CEO of Palo Alto Housing. “Through high-quality design and construction, we were able to significantly update the buildings and enhance the quality of life of our residents here. This rehab and syndication also ensure that these homes remain affordable for the long-term.”

Gonzalez recently discussed the renovation project in more detail in this exclusive.

GlobeSt.com: This project is not only a reuse (preservation) but affordable, both of which are critical in the Bay Area. Would you say this project is unique in that way?

Gonzalez: This project is unique in that it was our first property built over 45 years ago. It was also a property that no longer had any affordability restrictions on it so it was up for conversion to market rate. Through this rehab and tax credit syndication, we ensured that this property remains affordable for the next 55-plus years. We voluntarily added affordability restrictions to it because the stability and security of our resident is important to us. Over the last few years, we have received many inquiries and offers to purchase it from private owners who likely wanted to convert the property to market rate and take advantage of the very high rental market in Palo Alto. Of course, this was not aligned with our mission of providing and maintaining affordable homes.

GlobeSt.com: There are 486 people currently on the wait list and it will take an estimated five to seven years to work through the list. Obviously, housing is critical in the Bay Area. What other projects or ways can this issue be addressed?

Gonzalez: We have one to two more new projects in the works in Palo Alto which we are hoping the community will support. We currently have an affordable housing project under construction in Mountain View (with units set-aside for veterans), plus three more potential projects in Mountain View. Mountain View has been extremely receptive and proactive when it comes to resolving the housing/jobs imbalance. We also have a couple of projects in the works in other neighboring jurisdictions.

GlobeSt.com: The city of Palo Alto has once again given its stamp of approval on this project after being an original partner. Does this speak to the strength of the original location/design/affordability aspect or all of the above?

Gonzalez: It speaks to all of the above. Colorado Park blends in well with the surrounding neighborhood and is a great example of a successful affordable housing property. In addition, it also speaks to the city of Palo Alto's recognition that housing for all income levels is vital to the community. With this recognition, we hope to see changes to the city's land use regulations so that affordable housing development can be streamlined.

GlobeSt.com: What other issues will need to be addressed in order to stem the affordable housing crisis in the Bay Area?

Gonzalez: We are in the middle of an affordable housing crisis. A crisis means that we, as a community, need to react immediately. Let's work with our cities to streamline the development process and change outdated zoning codes and land use regulations that are prohibitive to affordable housing development. Currently, there are many housing bills on the floor that we need to follow and support. We need to seriously consider taking away local control from cities that are not meeting their fair share of housing. Every city needs to do its share of building more housing located near jobs and transit. Building housing near jobs will alleviate traffic and pollution, as well as improve the quality of life of employees. Some cities need to work harder to change outdated zoning codes and excessively restrictive land use regulations that make building affordable housing prohibitive. In Palo Alto (and Silicon Valley in general), the income disparity is so pronounced that it is even more critical to preserve our existing affordable housing stock.