Background on the Current Housing Situation in Santa Clara County
The high technology industries of Silicon Valley brought prosperity to the region and record economic expansion in the last decade. However, the dramatic increase in the number of jobs quickly outpaced the number of housing units being built. Consequently land prices--and therefore the cost of new homes--have soared. The Association of Bay Area Governments (ABAG) has estimated that between 1995-2000, 6 jobs were created for every housing unit built in Santa Clara County. This imbalance is expected to continue between 2000-2005, with 2.5 jobs per new housing unit. Meanwhile, the demand for existing housing has led to high home prices and rents. The situation has been compounded by a number of other factors, including a decline in federal and state support. As a result finding and affording housing in Santa Clara County is a challenge.
Affordable Housing
“Affordable housing” refers to housing for very low-income and extremely low-income, homeless, and special needs populations (i.e. mentally ill, developmentally disabled, and elderly). Low-income is defined as 80% of the area median income. Housing and Urban Development has established median income to be $96,000 for a family of four, or $64,937.50 per person. The income limits are $33,600 (50% of median income) for very low-income and $20,150 (30% of median income) for extremely low-income.
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