The developer of a Sunnyvale housing project will funnel millions into the city’s below-market-rate housing fund.
At the Sunnyvale City Council’s most recent meeting, Nov. 18, the council approved a change to a 111-unit multi-family, mixed-use development. The change to the design triggered the city’s 15% below-market-rate housing standard, meaning 14 of the units must be below-market-rate.
However, the developer, DeAnza Properties, is opting to pay in-lieu fees, money aimed at offsetting the project’s lack of below-market-rate units, through what’s called an alternative compliance option. The roughly $17 million collected from the fees will go into a city fund…