The Santa Clara County Board of Supervisors has selected five
affordable housing projects to receive loans and grants totaling
$7.7 million.
The Santa Clara County Board of Supervisors has selected five affordable housing projects to receive loans and grants totaling $7.7 million.
Three of the projects will receive 30-year loans at 3 percent deferred simple interest. Two emergency shelter projects, which traditionally have a difficult time obtaining financing because they cannot charge rent, will receive grants.
“The goal of this first round of funding is to assist affordable housing projects to complete their financing,” said Marjorie Matthews, acting director of the Office of Affordable Housing. “Because we want to get the most leverage from the County’s investment, we recommended four projects that will have the highest scores based on the State’s self-scoring system.
“The additional funds from the county will give those projects a perfect score of 150, under the State’s self-scoring system, and give them the best shot at their share of Proposition 46 funds.”
Among the projects to benefit from this first round of affordable housing loans are:
• $1.7 million – Sobrato Apartments/South County Housing in Gilroy at 9345 Monterey Road. 60 family housing units will be directly adjacent to the Sobrato Homeless Shelter for families who are transitioning to permanent housing.
• $1.5 million – Mountain View Efficiency Studio/Charities Housing/San Antonio Circle, Mountain View. 120 units of efficiency studio apartments.
• $2 million – Opportunity Center of the Midpeninsula/SCC Housing Authority on Encina Way in Palo. A five-story building that includes a ground floor drop-in service for center and 89 units of transitional and permanent housing.
• $1 million Grant – Our House Shelter and Transitional Housing/Emergency Housing Consortium/Corner of East William and South 3rd Streets, San Jose. A multi-use project to replace and enhance the current Our House. A multi-service center, 10 beds of emergency shelter and 12 transitional beds.
• $1.48 million Grant – Sobrato Transitional Center/Emergency Housing Consortium. A new 140-bed multipurpose facility, providing 75 emergency shelter beds and 65 transitional beds for single adults.
“In difficult economic times our values must be clear,” said Supervisor Jim Beall, District 4, whose proposal to create a Housing Task Force three years ago has culminated in the action. “The county’s mission is to serve the poor and the vulnerable, people for whom stable housing can make a huge difference by allowing healing and hope.”
Citing the Our House Shelter project in San Jose, which will provide a safe haven for runaway youth, Supervisor Blanca Alvarado, chairwoman of the Board of Supervisors said, “The County is making a huge contribution by funding a critically needed shelter for youth who are trying to escape homelessness and rebuild their lives.”
“The county’s funds makes it possible for these projects to leverage $15 million in Proposition 46 funds,” said Barry Del Buono, president and CEO of Emergency Housing Consortium.
The Board of Supervisors created the Office of Affordable Housing in July 2003 and established a set-aside of $18.6 million for projects. It is a priority of the Board of Supervisors to use its local affording housing set-aside funds to leverage viable affordable housing projects.
Proposition 46 – The Housing and Emergency Shelter Trust Fund Act of 2002, is a $2.1 billion dollar bond measure that was passed by the voters in California in November 2002. The bond provides millions of dollars to help fund the construction, rehabilitation and preservation of affordable rental housing, emergency shelters and homeless facilities, as well as funds that can be used to provide down payment assistance to low and moderate-income first-time homebuyers. Seniors, families with children, teachers, disabled persons, veterans and working people will benefit from the bond.
