The Santa Clara County Department of
Office of Supportive Housing, Housing and Community Development Asset
Management team oversees and monitors the operation and financial performance
of the affordable and multifamily rental projects that have been developed with
financial and other forms of support from the County of Santa Clara. These
projects serve a variety of low-income populations: families, seniors, disabled
individuals, veterans, chronically homeless people, transition-age youth, and
people with HIV/AIDS, among others.
The Asset Management Team's primary
responsibility is to service loans and grants provided for these projects to various
non-profit and for profit organizations. The Team is also responsible for
monitoring the compliance of each project with a host of obligations that
borrowers and grantees agreed to as a condition of County’s financing/support.
The Team's goal is to ensure that all projects financed by the County are:
- serving the intended low-income target
populations with affordable rents
- well-managed and provide decent, safe and
- Financially sound and sustainable in the long
In performing its duties, the Asset
Management Team acts as a steward of public resources and works to mitigate
risk to the County’s investments wherever possible. The Team strives to:
- be responsive and fair
- analyze thoroughly and comprehensively
- work collaboratively and transparently
- maximize efficiency
- Build the capacity of the people and organizations
that County supports.
Annual reporting and periodic
inspections are the two primary tools that the Asset Management Team uses to
monitor projects, assess their performance, and ensure ongoing compliance.
Restrictions – Income Limits and Maximum Rents
To ensure that the rental housing financed by the County is
available to and affordable to low-income people, each project is subject to a
set of affordability restrictions, which are enforced through a financing
agreement and a deed restriction which is usually titled “Restrictive covenant”
or a "Regulatory Agreement". The affordability restrictions define
the income limit(s) that apply to a project and set the maximum rents that can
be charged, and among other things, they may also set limits on annual rent
increases. Income limits and maximum rents change annually, based on data from
the federal U.S. Department of Housing and Urban Development.
More information on income and rent
limits, including historic data, is available on the U.S.
Department of Housing and Urban Development website page.
The Asset Management Team conducts
periodic inspections of projects financed by the County to determine if they
are being operated in compliance with the terms outlined in the financing
agreements and applicable County and federal regulations. The inspections
entail a physical inspection of the project, as well as an examination of
tenant files and property management records.
Outstanding Loan Balances
Borrowers and their auditors may request Confirmations of
Outstanding Loan Balances and other documentation by contacting the Asset
Management Team electronically.
Consents, and Approvals
Borrowers who wish to modify their
existing loans or who need our consent or approval for agreements or
transactions with other parties must contact the Asset Management Team electronically. Such modifications include loan extensions, refinancing,
subordinations, modifications to affordability restrictions and transfers of
For questions, information, or a loan servicing requests,
please contact the Asset Management Team electronically at AssetManagement@hhs.sccgov.org. Please allow 3
business days for a reply.