Posted on: August 5, 2023
Source: County of San Mateo
Redwood City – San Mateo County Supervisors today awarded nearly $30 million to spur development of five affordable housing projects totaling 483 units.
“We are committed to building, preserving and protecting housing that is affordable to a wide range of individuals and families,” said Dave Pine, president of the Board of Supervisors. “These projects will provide quality homes near jobs, schools and transit and will help make our county a stronger and more equitable community for everyone.”
Supervisors voted 5-0 to allocate funding to projects from Daly City to Menlo Park that will make it easier to live and thrive on the Peninsula. Funding was awarded to:
Developer | Project/City | Total Units | Funds Allocated |
Bridge Housing | 1051 Mission St., South San Francisco | 158 | $9,495,420 |
Midpen Housing | Midway Phase II, 45 Midway Drive, Daly City | 112 | $8 million |
Allied/CRP Affordable | The Ridge at Ralston, 678 Ralston Ave., Belmont | 65 | $4,403,263 |
Affirmed | North Fair Oaks, 429 MacArthur Ave., unincorporated North Fair Oaks | 86 | $4 million |
Midpen Housing | Menlo Park Veterans Administration, 795 Willow Road, Menlo Park | 62 | $3.5 million |
Totals | 483 | $29,398,683 |
Providing funds for the five projects helps to address San Mateo County’s housing shortage, which leads to higher housing costs, traffic congestion and other challenges.
Each project has targeted income levels and other qualifications for residency. These projects are all anticipating lease-up dates in 2026. To learn more about whether or not your household qualifies to live in these apartments, reach out to the developer closer to the lease-up date.
Funding sources are as follows:
- $20.2 million from Measure K, the countywide half-cent sales tax that provides local funds for local needs.
- $4,403,212 from the federal American Rescue Plan Act.
- $2,592,208 from the federal HOME Investment Partnership Program.
- $2.2 million from Redevelopment Agency Housing Trust funds.
- $1,136,870 from federal Community Development Block Grant funds.
(Note: Supervisors on Tuesday allocated a total of up to $30,532,290 toward housing. This exceeds the award of $29,398,683 toward the five projects, leaving approximately $1.1 million available for additional qualifying projects.)
Supervisors in 2013 created the County’s Affordable Housing Fund, which over the past decade has provided approximately $285 million to help built or preserve 4,100 units as affordable housing countywide.
Today marked the 11th round of allocations from the Affordable Housing Fund approved by the Board of Supervisors.
Read the full article, here.
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