SAN JOSE, Calif. (KRON) — More affordable housing may soon be on its way in Santa Clara County.
Thanks to Measure A, a housing bond passed by two-thirds of county voters in 2016, has set a goal for the county to finance or complete 4,800 Housing Bond-funded units within a 10-year period.
The latest Housing Bond implementation report gives an update on the county’s efforts to increase homeownership opportunities for low-income households and increase multifamily rental affordable and supportive housing.
According to the report, through various actions, the board has approved funding to support 34 developments — 29 of which are new construction developments and the other five set aside for acquisition or rehabilitation developments.
The 34 housing bond-funded developments will be set aside as multifamily rental properties — totaling 3,589 units.
On Tuesday, county supervisors approved funds for an affordable housing project aimed to house the county’s agricultural worker community.
In total, the county has allocated $693,513,528 in Measure A funds.
“The county is four and a half years into its 10-year plan and implementation of the 2016 Affordable Housing Bond is on track to fund 4,800 per our goals,” said Natalie Monk, Santa Clara County Office of Supportive Housing.
“Our goal is specifically for rapid rehousing, extremely low-income, very low-income, and permanent supportive housing.”
Currently, the county is on pace to reach approximately 66% of its housing production goal and the have committed up to:
- $648,713,528 or 84% of the $800,000,000 in Housing Bond funds that are dedicated to extremely low-income (ELI) and very low-income (VLI) housing;
- $20,000,000 or 20% of the $100,000,000 in Housing Bond funds can be used towards housing for moderate income (MI) households those between 81% and 120% of AMI;
- $25,000,000 or 50% of the $50,000,000 in Housing Bond funds that can be used to assist first-time homebuyers.
According to the report, a total of $693,513,528 or nearly 73% of the $950,000,000 Housing Bond has been committed for new developments.
Prior to 2015, there were 247 supportive housing units in the county and since then with the help of county partners — have increased supportive housing by 2,546 units.
Of those units:
- 1,111 are currently in operation,
- 773 are under construction; and
- 882 are part of developments that are fully or partially funded.
To learn more about the county’s progress on Measure A and homeownership opportunities, click or tap here.
Here’s for a map of supportive housing around Santa Clara County.