555YVR Luxury Low-Income Housing

We've regularly documented the trials and tribulations of The Mercer condo complex in Walnut Creek. This is where you pay SF condo prices for a suburban setting. The 1 bedroom/1 bath units were going for $500K while the 3 bedroom units were asking $1Mil. As we reported the holding company is now renting out he units and folks who bought in are trying to sell at a $200K loss and still unable to do so.

Then there was 555YVR. Located on the busiest street in Walnut Creek that isn't I680, this luxury complex was asking $700K for their 2 bedroom units and around $500 for their 1 bedroom accomodations. AND if you were lucky enough to purchase a West facing unit you got a wonderful view of the Walnut Creek Motor Lodge parking lot.

So how successful has this development been? Let's check today's SFGATE:
First Marin County, now Walnut Creek. Both communities -- neither of whose populaces are usually seen to be lacking in the greenbacks department -- have recently announced plans to accommodate lower income residents.

Habitat For Humanity let it be known this week that it is building its first home in Marin County. It has bought, and will renovate, a foreclosed home in Novato.

Meanwhile in Walnut Creek, a new condominium building is now accepting applications for five below market rate homes. The project, known as 555YVR, is a four-story development with 87 condos and several townhomes and live-work units. It is located downtown at 555 Ygnacio Valley Road, a block away from BART.

The affordable condo prices range from $133,000 to $148,000 and have either one or two bedrooms. Applicants must be first time homebuyers within the past three years and have qualifying income. Household incomes cannot exceed $46,350 for one person, $53,000 for two, $59,600 for three and $66,250 for four people.

All residents will share amenities such as a courtyard, private fitness center, media room and Sky Lounge, a roof top terrace with outdoor kitchen and fireplace surrounded by 360-degree views of the valley and Mt. Diablo.
Would it be possible to see how much Habitat for Humanity, or whoever, paid for these units? Could we also see how much the builders of these units donated to the current administration? Something tells me there are 2 groups taking a bath on this deal: 1. the current owners, there are a few, poor bastards, and 2. the taxpayers.

No comments:

Happy Super Tuesday!