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Committee had made to the County Housing Element . But perhaps the greatest obstacle is the lack and unlikelihood of sufficient federal funding . Even with federal funds , Mr . Ransom said , housing groups need seed money, financially feasible sites , and expert assistance , all in short supply . Following Mr . Ransom ' s presentation , Mr . Paul Bradley of the San Mateo County Housing Development Corporation appeared before the Committee to ask their consideration of some of the problems the HDC is running into in their effort to develop a hundred units of low/moderate-income housing on seven scattered sites in Redwood City . Mr . Bradley said that the HDC ' s main problem is the high cost of the land . At the present time , it appears that land costs for the project will be between $150, 000 and $200, 000 , with the total project cost now estimated at $2 . 5 million . This ratio of land cost to project cost satisfies federal criteria for the "236x' program under which the project would be built , he said . Furthermore , their architect and consultant have come up with a new proposal which would make possible 16 studio , 24 one -bedroom, 4+2 two-bedroom, 10 three -bedroom, and 8 four-bedroom apartments at somewhat lower rents than previously expected , running from $112 for the studios to $194 for the four-bedrooms . But to achieve these apartment rents and sizes (their previous plan included no four- bedroom apartments ) , the HDC will require some form of subsidy to land cost , either through relaxing of the off-street parking requirements or by a direct , cash subsidy . (Since the meeting , discussion with Mrs . Barbara Bernie of the HDC has made it clear that the HDC architect and consultant have based their estimates on expectations of some sort of parking variance or other subsidy ; the size of the variance or subsidy would determine whether or not the rents would come down even further . Mrs . Bernie also says that the HDC has been advised that by including units for the San Mateo County Housing Authority ' s leased housing program, the HDC can increase the number of low -income rent supplement units in the project beyond the 20 percent expected from HUD . --Ransom) Relaxing the off-street parking requirements would bring down the land cost , Mr . Bradley said . One way to do this would be to be allowed a 1: 4+ parking ratio for the studios and one-bedroom apartments on the premise that these would be occupied mainly by the elderly , and that the balance of the units would be designed to meet the normal 2 : 1 parking requirements of the Zoning Ordinance . A second possibility , suggested by Steve Yaeger, would be to request of the Planning Commission an across -the -board variance to the parking standards so as to require 1 . 5 parking spaces per dwelling unit for the entire development . Mr . Bradley said that he hoped the City might consider a different kind of assistance--that of making cash subsidies to the HDC --as a way of making it possible to have a lower rent schedule . By doing so , the City would be partially subsidizing the land acquisition . He called attention to the fact that Palo Alto is involved in some sense in this type of subsidy . Mr . Bradley reported that the HDC hoped to make their application to HUD for the loan commitment in about one month . He was advised to work with the Planning MINUTES HOUSING CONCERNS COMMITTEE MARCH 8 , 1972 PAGE 3 OF 4 •