Outstanding news! 2 and 3 bedroom affordable units like this are sorely needed, and it's an excellent location.

Agreed - outstanding news! Looks like a fantastic project! Thanks to Bruce, for up voting it. Great to see an Old Mountain View resident supporting such a project in Old Mountain View! That is the kind of neighbor we need for the welcoming, diverse, well-functioning community that we should all want.

Makes sense for the mortuary family to cash out the $12+ million their property is worth. Definitely more than they would make burying the dead.

I'm glad to hear about the positive impact of California AB 2162 on projects like the one at the Cusimano Family Mortuary site in Mountain View. It's fantastic to see streamlined approval processes for such important developments. While AB 2162 is a step in the right direction, I hope the city can continue to explore ways to facilitate quick approvals for more housing projects independently, without relying solely on state action. This could greatly contribute to addressing housing needs efficiently and sustainably.

The entire project will probably cost something like $90 Million, which is important context that the story lacks. The interest rate rise will affect the total cost of the project over time. There won't be any property tax to pay out of rental income and so the rents that will be paid will pay carrying costs on a lot of the borrowed money The land is worth at least $15 Million so that is basically where the city and county funding will go. Then there will be $75 million to fund with borrowing which is a tidy some to need to raise that way, in increments as construction goes forward. Annual interest costs will be $4 million and there will need to be pay back for the borrowed amount. Some kind of operating subsidy will needed beyond rents as the amount per unit per month for loan payments will be about $5000. Maybe rent from occupants will pay back $2500 of this, and then $2500 per month per unit will be needed from elsewhere. So there's a limit to how many projects like this can be done.

I imagine setting all this up is why it's going to take over a year to get started on construction even though the project has been in the works for a while and they're closing the business down immediately. Some of this could have been over lapped with the ordinary bureaucratic processing time that was short circuited by the speed up rules. Not very important to speed things up when this is a 99 year lifetime project.

The real problem is arranging that additional $75 Million at this point.

I've had to attend more services at Cusimano's, than I would have liked. Including my parents and other family members.
The family and staff have always treated grieving families with nothing but love and respect.
Thank you Cusimano family, and enjoy your new chapter in life.

It's so funny how stupid this all is! Erecting large buildings raises land values, which pushes up prices in the surrounding area! Every real estate agent and developer knows this. Keep pushing up the prices people, great stuff