National Equity Fund, Inc. National Equity Fund, Inc.

Extraordinary things happen when you have great partners
Since 1987, National Equity Fund® has invested more than $13 billion revitalizing neighborhoods,
fostering economic growth and creating affordable sustainable housing.

Willow Housing

Willow Housing

Veterans Housing

Willow Housing is a new 60-unit affordable housing development located on the VA’s Palo Alto Health Care System Campus in Menlo Park, California. Designed to serve homeless or at-risk veterans with incomes between 30-40 percent of Area Median Income, the development consists of 54 studio, five one-bedroom and one two-bedroom (manager’s unit) residences. In addition, 35 VASH project-based vouchers were awarded to make the residences more affordable.

The furnished apartments include a bed, dresser, kitchen table and chairs, closet, full-sized kitchen with dishwasher, microwave and disposal, with most of them having a patio or balcony. Amenities consist of a community room, business center, TV lounge, fitness area, bike storage, laundry facilities and limited access entry with security cameras as well as on-site management. Walking paths, picnic and BBQ space and a community garden make up the outdoor features.

Besides an array of medical and mental health services offered by the Menlo Park VA campus, HomeFirst, a provider of services, shelter and housing to the homeless in Santa Clara County, provides case management and educational, health and wellness classes among many other programs, all free to residents.

The Core Companies, the project sponsor, has been developing housing since 1989 in the San Francisco South Bay region. National Equity Fund provided $12.8 million of LIHTC equity in Willow Housing.


Project Details

Completed
2016
Location
605 Willow Road
Menlo Park, CA
Project Type
Veterans
Total Units
60
Mix of Residences
54 studio; 5-1 br; 1-2 br
Limited Partnership
Willow Housing, LP
Tax Credit Equity
$12.8 million
Total Project Costs
$18.7 million
Sponsor
The Core Companies
Permanent Lenders
City of Menlo Park
County of San Mateo
Cecilia Place Homes, Inc.
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