San Mateo County is betting big on a small slice of Daly City. The Board of Supervisors voted yesterday to spend $4.44 million on a 0.37-acre parcel at 493 Eastmoor Avenue, securing the site for a 72-unit, deeply affordable housing project designed for residents who rely on county services. Officials say that public ownership should boost the project’s chances in the competitive bidding for tax credits and other financing, while helping to keep the homes affordable in the long term.
Board approves land purchase and lease
The Board voted 5-0 to adopt a Measure K resolution authorizing the purchase of the parcel (Assessor’s Parcel Number 008-082-200) and directing the Department of Housing to enter into a purchase-and-escrow agreement with the current owner, along with a ground lease for a 72-unit affordable development, according to the San Mateo County Board of Supervisors. The resolution also clears the way for amendments to pre-development loan documents and other steps necessary to close escrow and keep the project moving forward.
Design, supportive services, and target residents
County housing staff say the building is expected to rise roughly six to seven stories and will devote substantial space on site to supportive services, a core feature for the residents the project is designed to serve. Most of the homes are planned as studios or one-bedroom units. Staff reporting indicates 71 of the 72 apartments will be income-restricted to households earning about 20% to 50% of the area median income, with targeted set-asides that include 16 units for people experiencing homelessness with high health needs, 11 units for people with significant mental illness, and 12 units for former foster youth, as reported by the San Mateo Daily Journal.
Developer plans and site specifics
The Core Companies is listed as the proposed developer. Daly City’s environmental assessment describes a seven-story mixed-use building located at the northwest corner of Eastmoor and Sullivan, featuring 35 studios, 36 one-bedroom units, and one two-bedroom unit, along with approximately 1,196 square feet of ground-floor retail or office space. The city document pegs total project costs at roughly $71.8 million, outlines planned resident amenities and a lean parking footprint, and notes that the site sits a short walk from Colma BART.
Funding, Measure K, and local commitments
County officials say the $4.44 million land price will be covered by funds already earmarked for the project, and that county control of the site should enhance applications for tax credits and gap financing. The purchase is part of a larger affordable housing initiative: the County Executive’s Office recently detailed more than $41 million in new awards from the Affordable Housing Fund and Measure K to help several projects reach the construction phase, according to the County of San Mateo.
Next steps and timeline
The San Mateo Daily Journal reports that Daly City has committed more than $7.7 million in loans to the development, the project is expected to receive a tax-credit award in December and construction could start by June 2026. County and developer teams still need to finalize a long-term ground lease, reported to be 55 years, and officials say the structure could keep the site 100% affordable for up to 99 years, depending on future extensions and how the financing ultimately works out.
