The Santa Clara County Department of Office of Supportive Housing, Housing and Community Development Asset Management team oversees and monitors the operation and financial performance of the affordable and multifamily rental projects that have been developed with financial and other forms of support from the County of Santa Clara. These projects serve a variety of low-income populations: families, seniors, disabled individuals, veterans, chronically homeless people, transition-age youth, and people with HIV/AIDS, among others.
The Asset Management Team's primary responsibility is to service loans and grants provided for these projects to various non-profit and for profit organizations. The Team is also responsible for monitoring the compliance of each project with a host of obligations that borrowers and grantees agreed to as a condition of County’s financing/support. The Team's goal is to ensure that all projects financed by the County are:
- serving the intended low-income target populations with affordable rents
- well-managed and provide decent, safe and sanitary housing
- Financially sound and sustainable in the long term.
In performing its duties, the Asset Management Team acts as a steward of public resources and works to mitigate risk to the County’s investments wherever possible. The Team strives to:
- be responsive and fair
- analyze thoroughly and comprehensively
- work collaboratively and transparently
- maximize efficiency
- Build the capacity of the people and organizations that County supports.
Annual reporting and periodic inspections are the two primary tools that the Asset Management Team uses to monitor projects, assess their performance, and ensure ongoing compliance.
Affordability Restrictions – Income Limits and Maximum Rents
To ensure that the rental housing financed by the County is available to and affordable to low-income people, each project is subject to a set of affordability restrictions, which are enforced through a financing agreement and a deed restriction which is usually titled “Restrictive covenant” or a "Regulatory Agreement". The affordability restrictions define the income limit(s) that apply to a project and set the maximum rents that can be charged, and among other things, they may also set limits on annual rent increases. Income limits and maximum rents change annually, based on data from the federal U.S. Department of Housing and Urban Development.
More information on income and rent limits, including historic data, is available on the U.S. Department of Housing and Urban Development website page.
The Asset Management Team conducts periodic inspections of projects financed by the County to determine if they are being operated in compliance with the terms outlined in the financing agreements and applicable County and federal regulations. The inspections entail a physical inspection of the project, as well as an examination of tenant files and property management records.
Confirmations of Outstanding Loan Balances
Borrowers and their auditors may request Confirmations of Outstanding Loan Balances and other documentation by contacting the Asset Management Team electronically.
Loan Modifications, Consents, and Approvals
Borrowers who wish to modify their existing loans or who need our consent or approval for agreements or transactions with other parties must contact the Asset Management Team electronically. Such modifications include loan extensions, refinancing, subordinations, modifications to affordability restrictions and transfers of ownership.
For questions, information, or a loan servicing requests, please contact the Asset Management Team electronically at [email protected]. Please allow 3 business days for a reply.