San Mateo County pledging another $27M for affordable housing

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San Mateo County has pledged to invest another $27.6 million to help nonprofit and mission-driven for-profit housing developers build and preserve affordable housing in the county.

In a statement Monday, the allocation, about $25 million of which will come from Measure K funds, was described as the County’s largest contribution to affordable housing to date. It will increase the amount raised in the Affordable Housing Fund, established in 2014, to $136 million — funding that has created 1,828 new units and preserved 288 units serving about 4,700 residents, according to the County.

The investment aims to ensure families of all income levels can reside in a County that “has become one of the most expensive housing markets in the nation,”  the County said in a statement.

The statement cited data that lists the median sales price of a home at $1.7 million and average monthly rent at $3,310.

The $27.6 million will be available to qualified developers through a competitive process and is expected to attract further investment and financing in affordable housing.

“Ensuring we have a supply of affordable housing reduces stress, improves health and allows individuals of all means to live close to transportation and job centers where families can enjoy good schools and safe neighborhoods,” said Carole Groom, president of the Board of Supervisors. “We can start to push the needle and provide opportunities for families at all income levels, including teachers, veterans, police officers, and our most vulnerable residents.”

More information and links to the application are available here.

Above Photo: Courtesy of San Mateo County, posted to Facebook May 20 showing a lot at 777 Bradford St. that will become the Arroyo Green apartments featuring 117 affordable units for seniors and an 8,000 square foot child care facility on the ground floor. The project received Measure K funds.