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

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.

Related, The Housing Endowment and Regional Trust (HEART) of San Mateo County,

"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