State awards $42.8M to accelerate 3 affordable housing projects in San Mateo County

Three affordable housing projects in San Mateo County get $42.8M from state

in Community

The state has awarded $42.8 million towards the development of three affordable housing projects in San Mateo County, including a 71-unit project in Moss Beach that includes 18 units specifically reserved for local farmworkers, a 72-apartment project near the Colma BART Station, and the 69-unit Eucalyptus Grove project in Burlingame, near the Millbrae border, the County announced Wednesday.

All three projects remain in the planning stages and received state funding as part of a new process that Gov. Gavin Newsom says will accelerate approval and save time and money. Local officials expect the state’s financial commitment will help the developers secure additional financing for the three projects.

Eucalyptus Grove (pictured) is proposed for 1875 California Drive in Burlingame and received $22 million from the state funding total. The project by CORE Affordable Housing has additionally received a pledge of $5.7 million in Measure K funds, a countywide half-cent sales tax extension passed by local voters in November 2016.

The project proposed near the Colma BART Station, located at 493 Eastmoor Ave. in Daly City, received $3 million in state funding. The County has pledged $9.5 million to assist in the development by Allied Housing Inc. — a combination of Measure K funds and Mental Health Services Act funds.

The Moss Beach project proposed by MidPen Housing Corp., called Cypress Point and set to locate on 10.8 acres, received $17.8 million from the state. The County has additionally pledged $5.5 million to assist the development via a combination of Measure K and tax funds.

“The state funding is a critical milestone in developing this much-needed housing for farmworkers and families,” said Matthew O. Franklin, president and CEO of MidPen Housing. “We look forward to working closely with our County partners to complete the entitlements process and build 71 new affordable homes.”

Rendering of Eucalyptus Grove project courtesy of the County of San Mateo