In a deliberate move to directly address the deep-seated housing affordability crisis, the San Mateo County Board of Supervisors injected a substantial sum into its local housing economy. A whopping $41 million plus change has been earmarked to significantly bolster the construction of affordable housing units within the county. Announced at the Tuesday meeting, the Board greenlit funding for nine development projects poised to add 636 affordable homes spread across eight diverse communities. Among the areas slated for the influx of housing are Belmont, Daly City, and Half Moon Bay, as reported in a statement by the County of San Mateo.
The awarded funds originate primarily from Measure K revenue, a voter-approved half-cent sales tax. With a leverage ratio of a stunning $16.6 in private and public housing resources to every dollar of Measure K, the impact promises to expand effectively. According to the Department of Housing Director Ray Hodges, quoted in the County of San Mateo's statement, "This is a major step forward in our work to ensure that San Mateo County remains a place where all people — regardless of income — can live, work and thrive." The beneficiaries of this new strategic development are largely low-income families, seniors, those with disabilities, the homeless, farmworkers, and first-time homeowners.
Since the creation of the Affordable Housing Fund in 2013, San Mateo County has allocated upwards of $305 million through twelve rounds of funding. This sustained effort has directly led to the development or rehabilitation of some 4,939 affordable housing units across the county, a formidable feat in and of itself. The current round of funding, AHF 13.0, is notable for its financing and being one of the largest single commitments in the program’s history.
