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 March 31, 2021, the Program has committed over $607.85 ​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 $570.95 million has been committed to 46 housing projects.
• These housing projects are in the process of adding 2,744 units of affordable housing included in the County’s housing goals, and an additional 440 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 63.98 percent of all bond proceeds are financing the development of 57.17 percent of the Program’s housing goals.
• In addition, for every dollar invested by the Program, the Program incentivizes an average of $2.89 from outside investments (Public/Private Leveraging Ratio).​​