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. We provide the following 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, after adopting a range of program guidelines over the use of Program funds, the County issued its first bond tranche of $250 million.
- As of March 31, 2021, the Program has committed over $607.85 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, and $570.95 million has been committed to 46 housing projects.
- These housing projects are in the process of adding 2,744 units of affordable housing included in the County’s housing goals, and an additional 440 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 63.98 percent of all bond proceeds are financing the development of 57.17 percent of the Program’s housing goals.
- In addition, for every dollar invested by the Program, the Program incentivizes an average of $2.89 from outside investments (Public/Private Leveraging Ratio).
Use of Bond Proceeds
The dashboards below provide details on the estimated cost share per unit and housing development, sources of funding by housing development, and actual expenditures to-date. As of March 31, 2021, we provide the following highlights:
- The Program has committed $570,952,928 to 46 housing projects, with individual commitments ranging from $1 million (The Veranda) to $53 million (Gateway Tower).
- When looking at the estimated cost per unit of housing, the Program has committed anywhere from $45,752 per unit (Markham I) to $210,938 per unit (Leigh Avenue Senior Apartments), with an average cost share of $158,591 per unit of housing.
- Although $570.95 million has been committed by the Program for these 46 housing projects to-date, $210.97 million has been actually expended to-date.
Housing Program Goals
Program housing goals aim to create 4,800 units of affordable housing. As of March 31, 2021, Program funds committed to date are projected to finance 57.17 percent of the Program’s total affordable housing goal. Based on the Program’s funding commitments through March 31, 2021, the status of housing development goals by type of housing are as follows:
- Helping to finance over 82.94 percent of the Permanent Supportive Housing (PSH) goal.
- Helping to finance over 19.63 percent of the Rapid Rehousing (RRH) goal.
- Helping to finance over 51.00 percent of the Extremely Low-Income (ELI) housing goal.
- Helping to finance 88.17 percent of the Very Low-Income (VLI) housing goal.
- There are 440 units of Low-Income (LI) housing incorporated into the current housing projects; however, the Program has no stated goal for this category of housing.
- There are 80 units of Moderate-Income (MI) housing incorporated into the current housing projects; however, the Program has no stated goal for this category of housing.
The dashboards below provide detail on the number of units in development by housing type, as well as how each housing development contributes to each housing goal.
List of housing developments funded by Measure A Housing Bond:
Click the name of housing development from the list below to view a detailed summary of the project.
PROJECTED COMPLETION DATE
|2.||Villas on the Park||84||San Jose||complete||Nov 2019|
|3.||Crossing on Monterey||39||Morgan Hill||complete||Dec 2019|
|4.||Monterey Gateway Senior Apartments||75||Gilroy||complete||May 2020|
|5.||Markham Plaza I (Rehab)||153||San Jose||complete||Dec 2020|
|6.||Leigh Ave Senior Apartments||64||San Jose||complete||Jun 2020|
|7.||Curtner Studios (Rehab)||179||San Jose||under construction||Aug 2021|
|8.||Quetzal Gardens||71||San Jose||under construction||Jul 2022|
|9.||Iamesi Village a/k/a N. San Pedro Apt.||135||San Jose||under construction||Oct 2021|
|10.||Calabazas a/k/a Corvin Apartments||145||Santa Clara||under construction||Nov 2021|
|11.||Page Street Apartments||82||San Jose||under construction||Sep 2022|
|12.||Markham Plaza II (Rehab)||152||San Jose||under construction||Sept 2022|
|13.||Vela Apartments (Alum Rock Family Apts)||87||San Jose||under construction||Nov 2022|
|14.||PATH Villas at 4th Street||94||San Jose||under construction||Feb 2023|
|15.||Blossom Hill Senior Apartments||147||San Jose||under construction||Jul 2023|
|16.||Gallup and Mesa Apartments||46||San Jose||under construction||Sept 2023|
|17.||Agrihood Senior Apartments||165||Santa Clara||under construction||Nov 2023|
|18. ||Immanuel-Sobrato a/k/a Moorpark Apartments||108||San Jose||pre-construction||Mar 2023|
|19.||Kifer Senior Apartments||80||Santa Clara||pre-construction||May 2023|
|20.||Bascom Apartments||79||San Jose||pre-construction||Aug 2023|
|21.||Auzerais Apartments||130||San Jose||pre-construction||Sep 2023|
|22.||Sango Court Apartments||102||Milpitas||pre-construction||Nov 2023|
|23.||The Charles||78||San Jose||pre-construction||Nov 2023|
|24.||Roosevelt Park||80||San Jose||pre-construction||Jan 2024|
|25.||Gateway Towers||300||San Jose||pre-construction||Mar 2024|
|26.||Mariposa Place (W. San Carlos Housing)||80||San Jose||pre-construction||Mar 2024|
|27.||Tamien Station TOD||135||San Jose||pre-construction||Apr 2024|
|28.||Alum Rock Multifamily||58||San Jose||pre-construction||May 2024|
|29.||The Algarve||91||San Jose||pre-construction||May 2024|
|30.||Dupont Family Apartments||141||San Jose||pre-construction||Aug 2024|
|31||Sunol-West San Carlos||91||San Jose||pre-construction||Oct 2024|
|32.||La Avenida||100||Mountain view||pre-construction||Dec 2024|
|33.||Hillview Court (Phase I - Rehab)||134||Milpitas||under construction||April 2021|
|34.||Casa de Novo (Rehab)||TBD||San Jose||pre-construction||Oct 2022|
|||Total New Units||2,969|||||||
|||Total Renovated Units||618|||||||