New low-income senior housing in Palo Alto likely to encourage relocation
August 11, 2010 - A new apartment complex will open in Palo Alto, California, providing affordable rents for low-income senior citizens considering relocation.
The 56 units of the Alta Torre Apartments were built by BRIDGE Housing Corp., a non-profit group that provides affordable housing for seniors and low-income families.
Lyn Hikida, a spokeswoman for BRIDGE, said the apartments will rent for $443 to $742 per month, and are open to seniors with annual incomes between $10,000 and $37,000. Seniors with special needs will be allocated 20 units.
Although the complex has not been filled, Alta Torre is not accepting new applications until it can sift through the current batch of potential residents.
The first renters will also receive a free one-year membership at the nearby Jewish Community Center, reported the Palo Alto Daily News.
Silicon Valley bank and Union Bank helped fund the project, and will have representatives present at the ribbon-cutting ceremony on Wednesday morning, August 11.
The project, which cost $22 million, is part of the redevelopment of the former headquarters of Sun Microsystems, which was acquired by Oracle Corporation in January 2010.
BRIDGE was formed in 1983 after an anonymous donation, and has developed more than 13,000 affordable homes.
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