Palo Alto to offer affordable housing for seniors

August 9, 2010 2:50:18 PM PDT
The city of Palo Alto will celebrate the grand opening of a new apartment complex for low-income senior citizens Wednesday.

The 56-unit Alta Torre apartments was a $22.9 million project by Bridge Housing Corp., a nonprofit developer of affordable housing in California for working families and seniors.

Organization spokeswoman Lyn Hikida said the apartments will serve seniors with annual income levels ranging from $10,632 to $37,280.

Rents range from $443 to $742 per month, depending on income and household size. The apartments accommodate households of up to three people.

The complex is part of a larger 12-acre mixed-use redevelopment of the former Sun Microsystems headquarters.

A ribbon-cutting ceremony will start at 11:15 a.m. at Alta Torre, located at 3895 Fabian Way.

Speakers are expected to include Santa Clara County Supervisor Liz Kniss and Bridge Housing Corporation CEO Cynthia Parker. Silicon Valley Bank's Christine Carr and Union Bank's Annette Billingsley, representatives from two banks that helped fund the project, are also scheduled to speak.