Wednesday, July 6, 2016

Construction and renovation of affordable rental housing, Measure A funds

San Mateo Times/Kevin Kelly, Daily News Staff Writer, 6/28/16. "San Mateo County strengthens affordable housing program." 
Ariel view, Roberts Road side

Image result for Ocean View senior housing, Pacifica, CA picture
Ocean View Senior Apartments
Crespi Drive view
....  "The Board of Supervisors at its Tuesday morning meeting approved a new program to oversee the effort, dubbed the San Mateo County Affordable Rental Housing Preservation Program. It also authorized $10 million in Measure A funds toward the construction of new affordable units. The money will be used as loans to affordable housing developers to "provide fast-moving, flexible ... funding to nonprofit and mission-driven for-profit developers and owners to acquire and preserve existing, naturally affordable multifamily housing," according to a board report.

The program is also expected to help the Department of Housing apply rent restrictions to affordable properties for a minimum of 30 years; improve the quality and condition of current affordable stock "by addressing deferred maintenance and obsolete systems"; protect existing tenants from displacement and rent any existing vacant apartment units to new low-income households; and leverage other public and private funding sources.  

In March 2015, the board authorized $12 million in Measure A and county Housing Authority funds toward affordable housing, which led to the acquisition of a nine-unit property in Pacifica by MidPen Housing through a $1.42 million loan and the purchase of a 16-unit apartment building in San Mateo by HIP Housing through a $2.5 million loan."  Read article.

"Developer loan results. HEART has invested $10 million in the construction or renovation of 922 affordable rental homes and has funded ...developments" (in San Mateo County).  Pacifica.  City of Pacifica/Affordable Housing information.  Affordable Housing and Housing Authorities in Pacifica, California.  Low Income Apartments.  Article, The Registry Bay Area Real Estate 10/28/15, "Pacifica Apartment Building Sold to Bridge Housing for $19MM."  Also search Fix Pacifica:  Affordable housing.   

Note photograph of Ocean View senior apartments is from the related The Registry Bay Area Real Estate. 10/28/15 article.  Crespi road view is a facepage link to The Registry Bay Area archives, 10/28/15 article.

Posted by Kathy Meeh

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