2016 Measure A Housing Bond Progress

Program Overview

On November 8, 2016, the people of the County of Santa Clara approved Measure A, a proposition authorizing the County to issue up to $950 million in general obligation bonds to acquire or improve real property for the purpose of providing affordable housing for vulnerable populations throughout the County. The following are highlights about the Measure A Program (Program):​

• ​Program funds are targeted to help construct 4,800 units of affordable housing, in addition to assisting about 235 families to secure loans to finance their first homes.
• In October 2017 the County issued its first series of bonds for $250 million and in July 2021 issued the second series of bonds for $350 million.
• As of June 30, 2022, the Program has committed $792.95 million, of which $25 million is committed to the first-time homebuyer loan program, $11.9 million has been committed to a Supportive Housing Fund for predevelopment loans, $25 million bridge loan for Hillview Court, $146.93 million for 20 property acquisitions, $800,000 for 4 partnership projects, and $583.32 million for 44 development and renovation projects.
• The development and renovation projects are in the process of adding 3,693 units of affordable housing included in the County’s housing goals, and an additional 671 units of low-income housing and 80 units of moderate-income housing that are not addressed in the Program’s housing goals (as discussed in the Housing Program Goals section below).
• As detailed in the program overview dashboard below, this means that 61.40 percent of the bond proceeds committed for development and renovation projects are financing the development of 76.94 percent of the Program’s housing goals.
• In addition, for every dollar invested by the Program, the Program incentivizes an average of $4.56 from outside investments (Public/Private Leveraging Ratio).