The City of San Carlos in California unveiled last June 8, 2022, its first 100% affordable housing project at 817 Walnut Street, which was made possible by a sizeable investment of $7.3 million from the so-called City of Good Living and a generous partnership with Charities Housing. This local nonprofit organization developed the property and will continue to manage the 23-unit building.
Additional funding partners for Walnut Studios included the County of San Mateo, Silicon Valley Bank, Red Stone Equity Partners, and the California Municipal Finance Authority.
Long a priority of the San Carlos City Council, the governmental staff identified the location in 2016 as an ideal site to construct more affordable housing in the community. The site is the perfect opportunity to ensure that residents of the project will feel they are genuinely part of the San Carlos community.
The newly completed Walnut Studios development is located near the heart of Downtown San Carlos and close to public transit, shopping, schools, the San Carlos library, and other services.
While cutting the ribbon and officially unveiling Walnut Studios, San Carlos’s Mayor Sara McDowell said: “In San Carlos, we take pride in being an inclusive and welcoming community where people of all income levels can live, work, and play,” City’s Mayor also expressed her thrill that Walnut Studios can now provide housing security to more community members.
Mayor McDowell stated she hopes this will be one of many affordable housing projects in San Carlos over the coming years. The Mayor was pleased with the outcome, so she declared the City is already looking ahead to future affordable housing projects. 🏡