North Fair Oaks Corner to Get 86 Affordable Homes with Monarch at Redwood Apartment Complex

North Fair Oaks officials break ground on Monarch at Redwood, a six-story apartment complex providing 86 affordable homes, including apartments for residents with special needs. The project, backed by the County of San Mateo, aims to strengthen the community by offering housing and support for residents to stay close to friends, schools, and local businesses. The complex will include 39 permanent supportive housing units and 46 units reserved for income-eligible households.

North Fair Oaks officials have officially broken ground on Monarch at Redwood, a new six-story apartment complex designed to provide 86 affordable homes. The project, backed by the County of San Mateo, aims to strengthen the community by offering housing and support for residents to stay close to friends, schools, and local businesses. The complex will feature 39 Permanent Supportive Housing (PSH) units for residents participating in Healthy Housing California (HHC) and Mental Health Services Act (MHSA) programs, as well as 46 units reserved for income-eligible households.

Monarch at Redwood, valued at $70.4 million, will be equipped with Energy Star-rated appliances and rooftop photovoltaic panels to promote energy efficiency and affordability. The development will also include shared amenities such as secure bike storage, parking spaces, a welcoming lobby with a mail room, on-site laundry facilities, a landscaped courtyard, and a community room. The project is strategically located in a high resource area, providing residents with easy access to public transit, grocery stores, restaurants, and retail businesses.

In addition to housing, Monarch residents will have exclusive access to adult education programs focused on job training, career development, and health and wellness. Those experiencing mental and physical health challenges will have access to dedicated on-site service coordinators and a robust network of wrap-around supportive services provided in partnership with local organizations such as the Mental Health Association of San Mateo County (MHA).

Funding for Monarch comes through a collaboration of key financing partners, including Lument, Redstone Equity Partners, First Citizens Bank, the County of San Mateo, Housing Trust Silicon Valley, Corporation for Supportive Housing, the California Debt Limit Allocation Committee (CDLAC), and the California Tax Credit Allocation Committee (CTCAC). Affirmed Housing, the developer, has worked with partners such as HA Builder Group, Van Meter Williams Pollack, BKF Engineers, DCI Engineers, and Jett Landscape Architecture + Design to bring this project to life.

Affirmed Housing, a leader in affordable, multifamily housing development, has a track record of delivering safe, sustainable, high-quality communities for families, veterans, seniors, and people experiencing homelessness. The company has financed nearly $3 billion in affordable and supportive development since 1992, with more than 6,000 apartment homes developed or under development in over 75 communities.

References:
[1] https://www.morningstar.com/news/globe-newswire/9522758/affirmed-housing-breaks-ground-on-new-affordable-community-in-san-mateo-county