2016 Measure A Housing Bond Progress

Program Overview

On November 8, 2016, the people of the County of Santa Clara approved Measure A, a proposition authorizing the County to issue up to $950 million in general obligation bonds to acquire or improve real property for the purpose of providing affordable housing for vulnerable populations throughout the County. We provide the following highlights about the Measure A Program (Program):

Program funds are targeted to help construct 4,800 units of affordable housing, in addition to assisting about 235 families to secure loans to finance their first homes.
In October 2017, after adopting a range of program guidelines over the use of Program funds, the County issued its first bond tranche of $250 million.
As of September 30, 2020, the Program has committed over $421.96 million, of which $25 million is committed to the first-time homebuyer loan program, $11.9 million has been committed to a Supportive Housing Fund for predevelopment loans, and $358.06 million has been committed to 29 housing projects.
These housing projects are in the process of adding 2,182 units of affordable housing included in the County’s housing goals, and an additional 323 units of low-income housing and 80 units of moderate-income housing that are not addressed in the Program’s housing goals (as discussed in the Housing Program Goals section below).
As detailed in the program overview dashboard below, this means that 44.42 percent of all bond proceeds are financing the development of 45.46 percent of the Program’s housing goals.
In addition, for every dollar invested by the Program, the Program incentivizes an average of $3.17 from outside investments (Public/Private Leveraging Ratio).

Use of Bond Proceeds

The dashboards below provide details on the estimated cost share per unit and housing development, sources of funding by housing development, and actual expenditures to-date. As of September 30, 2020, we provide the following highlights:

The Program has committed $385,064,645 to 29 housing projects, with individual commitments ranging from $1 million (The Veranda) to $53 million (Gateway Tower).
When looking at the estimated cost per unit of housing, the Program has committed anywhere from $45,752 per unit (Markham I) to $210,938 per unit (Leigh Avenue Senior Apartments), with an average cost share of $132,781 per unit of housing.
Although $385.06 million has been committed by the Program for these 29 housing projects to-date, $124.52 million has been actually expended to-date.

Housing Program Goals

Program housing goals aim to create 4,800 units of affordable housing. As of September 30, 2020, Program funds committed to date are projected to finance 45.46 percent of the Program’s total affordable housing goal. Based on the Program’s funding commitments through September 30, 2020, the status of housing development goals by type of housing are as follows:

Helping to finance over 75.11 percent of the Permanent Supportive Housing (PSH) goal.
Helping to finance over 5.06 percent of the Rapid Rehousing (RRH) goal.
Helping to finance over 41.25 percent of the Extremely Low-Income (ELI) housing goal.
Helping to finance 69.83 percent of the Very Low-Income (VLI) housing goal.
There are 323 units of Low-Income (LI) housing incorporated into the current housing projects; however, the Program has no stated goal for this category of housing.
There are 80 units of Moderate-Income (MI) housing incorporated into the current housing projects; however, the Program has no stated goal for this category of housing.

The dashboards below provide detail on the number of units in development by housing type, as well as how each housing development contributes to each housing goal.

List of housing developments funded by Measure A Housing Bond:

Click the name of housing development from the list below to view a detailed summary of the project.

	Housing Development	Total # of Units	City	Status	PROJECTED COMPLETION DATE
1.	The Veranda	19	Cupertino	completed	Jun 2019
2.	Villas on the Park	84	San Jose	completed	Nov 2019
3.	Monterey Gateway Sr. Apts.	75	Gilroy	completed	Feb 2020
4.	Crossings on Monterey	39	Morgan Hill	completed	Dec 2019
5.	Quetzal Gardens	71	San Jose	under construction	Jun 2022
6.	Leigh Ave Senior Apartments	64	San Jose	under construction	Nov 2020
7.	Iamesi Village a/k/a N. San Pedro Apt.	135	San Jose	under construction	Apr 2021
8.	Sango Court	102	Milpitas	pre-construction	Feb 2022
9.	Calabazas a/k/a Corvin Apartments	145	Santa Clara	under construction	Jun 2021
10.	Markham Plaza I (Rehab)	153	San Jose	under renovation	Oct 2020
11.	Markham Plaza II (Rehab)	152	San Jose	pre-renovation	Apr 2021
12.	Curtner Studios (Rehab)	179	San Jose	under renovation	Nov 2020
13.	Page Street Apartments	82	San Jose	pre-construction	May 2021
14.	Alum Rock Family Housing	87	San Jose	pre-construction	Sep 2021
15.	Blossom Hill Housing	147	San Jose	pre-construction	Sep 2021
16.	Agrihood Senior Apartments	165	Santa Clara	pre-construction	Aug 2022
17.	West San Carlos Housing	80	San Jose	pre-construction	Jan 2022
18.	Roosevelt Park	80	San Jose	pre-construction	Dec 2022
19.	Auzerais Apartments	130	San Jose	pre-construction	Sep 2022
20.	Gallup & Mesa	46	San Jose	pre-construction	May 2022
21.	The Algarve	91	San Jose	pre-construction	July 2022
22.	Kifer Senior Apartments	80	Santa Clara	pre-construction	May 2023
23.	La Avenida	102	Mountain view	pre-construction	Mar 2023
24.	Bascom Apartments	90	San Jose	pre-construction	Nov 2022
25.	4th and E. Younger Apartments	94	San Jose	pre-construction	Jun 2022
26.	Moorpark Apartments	108	San Jose	pre-construction	Oct 2022
27.	Gateway Tower	300	San Jose	pre-construction	Mar 2024
	Total New Units	2,416
	Total Renovated Units	484
	Total Units	2,900

Supportive Housing Map