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 December 31, 2018, the Program has committed over $271 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 about $234 million has been committed to 19 housing developments.
These housing developments are in the process of adding 1,416 units of affordable housing included in the County’s housing goals, and an additional 203 units of low-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 28.5 percent of all bond proceeds are financing the development of 29.5 percent of the Program’s housing goals.
In addition, for every dollar invested by the Program, the Program incentivizes an average of $2.78 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 December 31, 2018, we provide the following highlights:

The Program has committed $234,180,000 to 19 housing developments, with individual commitments ranging from $1 million (The Veranda) to $29 million (Corvin Apartments).
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 $121,905 per unit of housing.
Although $234 million has been committed by the Program for housing developments, about $27 million has been actually expended to-date.

Housing Program Goals

Program housing goals aim to create 4,800 units of affordable housing. As of December 31, 2018, Program funds helped finance 29.5 percent of the total housing goal. The status of housing development goals by type of housing are as follows:

Program funds helped finance over 45.6 percent of the Permanent Supportive Housing (PSH) goal.

Program funds helped finance over 24.6 percent of the Extremely Low-Income (ELI) housing goal.

Program funds helped finance 45.5 percent of the Very Low-Income (VLI) housing goal.

Program funds helped finance over 7.8 percent of the Rapid Rehousing (RRH) goal.

There are 203 units of Low-Income (LI) housing incorporated into the current housing developments; 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:

Select any development below to view a detailed summary of the project.

	Housing Development	Total # of Units	Status	PROJECTED COMPLETION DATE
1.	The Veranda	19	under construction	May 2019
2.	Villas on the Park	84	under construction	Dec 2019
3.	Gateway Senior Apartments	75	under construction	Dec 2019
4.	Crossings on Monterey	39	under construction	Dec 2019
5.	Leigh Ave Senior Apartments	64	pre-construction	Feb 2020
6.	Page Street Apartments	82	pre-construction	May 2021
7.	North San Pedro Apartments	135	pre-construction	July 2020
8.	Quetzal Gardens	71	pre-construction	Apr 2020
9.	Corvin Apartments	146	pre-construction	Jan 2021
10.	Sango Court	102	pre-construction	Sep 2020
11.	Agrihood Senior Apartments	165	pre-construction	Jan 2022
12.	Evans Lane Community Village	61	pre-construction	Feb 2021
13.	West San Carlos Housing	80	pre-construction	Jan 2022
14.	Blossom Hill Housing	147	pre-construction	Sept 2021
15.	Alum Rock Family Housing	87	pre-construction	Aug 2021
16.	Roosevelt Park	80	pre-construction	Apr 2022
17.	Markham Plaza I	153	Renovation	Sept 2020
18.	Markham Plaza II	152	Renovation	Sept 2020
19.	Curner Studios	179	Renovation	Dec 2020

	Total New Units	1,437
	Total Revovated Units	484
	Total Units	1,921

Supportive Housing Map