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HomeMy WebLinkAboutExhibit 4 (Measure A Information Sheet)BUILDING HOMES, CHANGING LIVES 2016 Affordable Housing Bond Progress 2016 Measure A Production Goals & Progress PSH** to Assist Homeless Persons with DisablingConditions & their Families RRH** to Assist HomelessWorking Families &Individuals RegainPermanent Housing HousingAffordable toELI** Individuals& Families Housing Affordable to VLI** Individuals& Families Housing Goal 1,800 821821 1,600 125 800 197 600 273 1,416***Approved Units 4,800 **PSH (Permanent Supportive Housing), RRH (Rapid Rehousing), ELI (Extremely Low Income), VLI (Very Low Income) ***103 additional units of affordable housing and apartments for building managers bring the total to 817 new apartments approved within Year 1. Total Funding Allocations for Voter Approved 2016 Measure A Housing Bond Total of $950 million When Will These Homes Open?‡ Extremely Low Income Below 30% of AMI† Multifamily Rental Very Low-Income 31-50% of AMI† Multifamily Rental Multifamily Rental & Homebuyer Programs Moderate Income 50-120% AMI† $100million$150million $700million †Area Median Income (AMI) Initial Housing Bond Issuance of $250 million $111.03 million Approved Supportive HousingDevelopment Program $25 million Approved First-time Homebuyer Down Payment Assistance Loan Program Approved Supportive Housing Pre-development Fund $102.07 million Available Balance $147.93 million Total Approved $11.9 million Details of the developments that make up this timeline can be found on the next page. ‡ Apartment openings are based on projected construction timelines, which are subject to change. 217 288 352 792 1073 12801362 1596 18411921 19 352 792 1073 1362 198198 7171 6464 135135 305305 102102 179179 207207 8282 234234 245245 8080 2019 Q12019 Q22022 Q12022 Q22019 Q32019 Q42020 Q12020 Q22020 Q32020 Q42021 Q12021 Q22021 Q32021 Q4New Units Acquisition & Rehabilitation The Housing Bond provides the means for the County to give our community’s poorest and most vulnerable residents a fresh start. Many of our veterans, teachers, nurses, single parents, senior citizens, the disabled, foster youth, victims of abuse, chronically homeless, and individuals suffering from mental health or substance abuse illnesses are in need of innovative and effective housing solutions. www.supportivehousingscc.org/housingbond In November of 2016, Santa Clara County voters approved a $950 million Affordable Housing Bond. It is projected that the Housing Bond will fund 120 new affordable housing developments over ten years, including 4,800 new units dedicated to Extremely Low-Income and Very Low-Income households. In addition, the County will establish rental and ownership opportunities for Moderate Income households. Villas on the Park NEW APARTMENTS $234,180,000 IN MULTI-FAMILY HOUSING DEVELOPMENT APPROVED6 CITIES HOUSING DEVELOPMENTS19 1,437 *As of December 18, 2018 $25 MILLION FIRST-TIME HOMEBUYER PROGRAM YEAR 2 IMPLEMENTATION 484 UNITS RENOVATED Exhibit 4 The County’s Office of Supportive Housing is leading efforts to increase the supply of housing by funding and spurring the development of housing for low-income households with a prioritization for the poorest and most vulnerable residents who are disproportionately impacted by the lack of affordable housing. THE SOLUTION TO HOMELESSNESS IS MORE AFFORDABLE HOUSING HOUSING DEVELOPMENTS CITY PROJECTED OCCUPANCY DATE* SUPERVISORIAL DISTRICT TOTAL # UNITS SUPPORTIVE HOUSING COUNTY DEVELOPMENT FUNDING NEW UNITS The Veranda Cupertino May 2019 5 19 6 $1,000,000 Crossings on Monterey Morgan Hill Dec 2019 1 39 20 $5,800,000 Gateway Senior Apartments Gilroy Dec 2019 2 75 37 $7,500,000 Villas on the Park San Jose Dec 2019 2 84 83 $7,200,000 Quetzal Gardens San Jose Apr 2020 2 71 24 $9,830,000 Leigh Avenue Senior Apts.San Jose Feb 2020 4 64 63 $13,500,000 North San Pedro Apartments San Jose July 2020 2 135 109 $7,200,000 Sango Court Apartments Milpitas Sep 2020 3 102 40 $16,000,000 Corvin Apartments Santa Clara Jan 2021 4 146 80 $29,000,000 Evans Lane Community Village San Jose Feb 2021 2 61 30 $12,000,000 Page Street Apartments San Jose May 2021 4 82 27 $14,000,000 Blossom Hill Development San Jose Sep 2021 1 147 49 $19,100,000 Alum Rock Family Housing San Jose Aug 2021 2 87 43 $15,650,000 Agrihood Sr. Apts.Santa Clara Jan 2022 4 165 54 $23,550,000 West San Carlos Housing San Jose Jan 2022 4 80 40 $9,300,000 Roosevelt Park San Jose Apr 2022 2 80 40 $14,400,000 NEW UNITS TOTAL:1,437 745 $205,030,000 RENOVATED UNITS Markham I San Jose Sep 2020 2 153 40 $7,000,000 Markham II San Jose Sep 2020 2 152 50 $7,200,000 Curtner Studios San Jose Dec 2020 2 179 111 $14,950,000 RENOVATED UNITS TOTAL:484 201 $29,150,000 TOTAL UNITS:1,921 946 $234,180,000 2016 Measure A Production Goals & Progress PSH** to Assist Homeless Persons with DisablingConditions & their Families RRH** to Assist HomelessWorking Families &Individuals RegainPermanent Housing HousingAffordable toELI** Individuals& Families Housing Affordable to VLI** Individuals& Families Housing Goal 1,800 821821 1,600 125 800 197 600 273 1,416***Approved Units 4,800 **PSH (Permanent Supportive Housing), RRH (Rapid Rehousing), ELI (Extremely Low Income), VLI (Very Low Income) ***103 additional units of affordable housing and apartments for building managers bring the total to 817 new apartments approved within Year 1. Total Funding Allocations for Voter Approved 2016 Measure A Housing Bond Total of $950 million When Will These Homes Open?‡ Extremely Low Income Below 30% of AMI† Multifamily Rental Very Low-Income 31-50% of AMI† Multifamily Rental Multifamily Rental & Homebuyer Programs Moderate Income 50-120% AMI† $100million$150million $700million †Area Median Income (AMI) Initial Housing Bond Issuance of $250 million $111.03 million Approved Supportive HousingDevelopment Program $25 million Approved First-time Homebuyer Down Payment Assistance Loan Program Approved Supportive Housing Pre-development Fund $102.07 million Available Balance $147.93 million Total Approved $11.9 million Details of the developments that make up this timeline can be found on the next page. ‡ Apartment openings are based on projected construction timelines, which are subject to change. 217 288 352 792 1073 12801362 1596 18411921 19 198198 7171 6464 135135 305305 102102 179179 207207 8282 234234 245245 8080 2019 Q12019 Q22022 Q12022 Q22019 Q32019 Q42020 Q12020 Q22020 Q32020 Q42021 Q12021 Q22021 Q32021 Q4New Units Acquisition & Rehabilitation To see a map of supportive housing developments in Santa Clara County, please visit www.supportivehousingscc.org/map.20192020202020212022*As of December 2018. Apartment openings are based on projected construction timelines, which are subject to change.