Santa Clara County approves $21 million loan to cover increased construction costs of teacher housing project in Palo Alto
https://www.siliconvalley.com/2022/01/11/santa-clara-county-approves-21-million-loan-to-cover-increased-construction-costs-of-teacher-housing-project-in-palo-alto/
In approving a long sought apartment project for Peninsula teachers, Santa Clara County supervisors on Tuesday agreed to lend the developers $21 million to help cover soaring construction expenses.
The cost estimate has climbed from $62 million when the project was proposed about four years ago to $87 million today, although the county’s loan is to be paid back over time with rent from the developers’ future tenants.
Santa Clara County approves $21 million loan to cover increased construction costs of teacher housing project in Palo Alto
Jan 12, 2022, 1:39pm UTC
https://www.siliconvalley.com/2022/01/11/santa-clara-county-approves-21-million-loan-to-cover-increased-construction-costs-of-teacher-housing-project-in-palo-alto/
> In approving a long sought apartment project for Peninsula teachers, Santa Clara County supervisors on Tuesday agreed to lend the developers $21 million to help cover soaring construction expenses.
> The cost estimate has climbed from $62 million when the project was proposed about four years ago to $87 million today, although the county’s loan is to be paid back over time with rent from the developers’ future tenants.