Belmont is putting real money behind its talk on affordable housing. Last Tuesday, the City Council signed off on a $2 million loan to help build the Ridge on Masonic, a 63-unit, 100% affordable apartment project planned for 951 Old County Road.
The eight-story building would replace an existing commercial structure just south of Ralston Avenue and bring a mix of housing and neighborhood amenities: ground-floor retail, community space, a lobby and a management office. Four of the 63 apartments are earmarked as permanent supportive housing, and the remaining units are set to be rented to households earning roughly 30% to 70% of the area median income.
The council-approved loan comes with a 3% interest rate over at least 55 years and is designed to speed up the project’s application for Low-Income Housing Tax Credits, according to the San Mateo Daily Journal. Ryan Andrusz, a development analyst for CRP Affordable Housing and Community Development, told the council the city money “will allow us to start construction.” He added that the developer hopes to push a related Ralston Avenue project forward on a similar schedule next year if the financing pieces fall into place.
Project Details And Approval
According to city records, the Ridge on Masonic secured ministerial approval under Senate Bill 35 in January 2025, which locked in the basic contours of the development, per the City of Belmont. Plans call for a clean split of 21 one-bedroom, 21 two-bedroom and 21 three-bedroom apartments, with four of those units set aside for permanent supportive housing.
The city’s project page also notes that the building’s base would include roughly 1,300 square feet of ground-floor retail along with a small community room, offering at least some return of neighborhood-serving space on a site that currently holds commercial uses.
Council Concerns
Despite the unanimous support among members present, the council did not rubber-stamp the deal without some pointed questions. The conversation focused on how well nearby residents and businesses had been brought into the loop and how to protect existing commercial activity in walkable parts of town, according to the San Mateo Daily Journal.
“We’ve been burned before,” Councilmember Gina Latimerlo cautioned, flagging past experiences where community impacts did not play out as hoped. Mayor Julia Mates acknowledged that “the loss of existing commercial space is always difficult,” even when a project brings much-needed affordable housing. Councilmembers present, with Robin Pang-Maganaris not participating, ultimately voted to approve the $2 million loan at the April 28 meeting.
Funding And Timeline
The city’s contribution is only one piece of a crowded funding puzzle. At the county level, San Mateo County staff recommended $1 million for the Ridge on Masonic even though CRP had requested $3 million, highlighting the high-stakes competition for limited public subsidy on the Peninsula, according to San Mateo County funding recommendations.
That same county packet points to a likely target window in the 2026–2027 period for a 4% tax credit or bond award, a key ingredient in the project’s overall financing plan. Developers and city staff say Belmont’s $2 million loan should help the team nail down remaining financing steps so the project can pursue those tax credits and other subsidies more aggressively, per the City of Belmont.
If those award timelines hold, the Ridge on Masonic would be positioned to seek a 4% tax credit or bond in the next year or two and move toward breaking ground after that, keeping one of Belmont’s most closely watched affordable projects on a faster track to reality.
