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The supervisors of the San Mateo County allocated more than $40 million to stimulate the development of new affordable housing to support workers, youth and families who live, work or study in the area.
Spread across seven projects, the funds would help create 431 new affordable housing units from Daly City to Menlo Park, of which more than $21 million in funding comes from Measure K's half-cent sales tax approved by voters, which provides local funds for local needs.
?High rents and massive mortgages hurt workers ?and our children,? who are forced to choose between exhausting commutes to our workplaces or moving out of the region? said Warren Slocum, chairman of the Board of Supervisors.
?The solution to the real estate crisis is simple: build more homes. And that is exactly what we are contributing to with this investment of Measure K funds,” he stressed.
Over the past decade, county supervisors have committed more than $300 million to protect, preserve and build affordable housing.
Together, the projects would provide affordable housing for seniors and low-income families, agricultural workers, former foster youth, people with developmental challenges and other targeted populations.
Additionally, the projects represent a mix of rental units and homes available for purchase.
By a 5-0 vote, the Board approved the projects based on a number of criteria, including readiness and competitiveness for additional state and other funding sources.
Seven projects, 431 future homes
In total, the Board allocated 40 million 531 thousand 131 dollars for the seven developments. In addition to Measure K funds, sources include $16,505,645 in the county housing authority's Moving to Work program, which directed federal dollars to increase housing options for low-income families.
Among the projects approved for financing are Linc Housing's Hill Street Apartments, Belmont, which would provide 37 new units on a city-owned parcel at Hill Street and El Camino Real, near the Caltrain station.
Cypress Point, Moss Beach: Developed by MidPen Housing, it is a project that would provide 71 new units on Carlos Street and Sierra Street in Moss Beach; while Ridge@Ralston, in Belmont, would provide 65 units developed by Abode Housing/CRP Affordable would be built less than two blocks east of Caltrain and El Camino Real.
Additionally, 493 Eastmoor, in Daly City, where The CORE Companies proposes to build 72 units on the northwest corner of Eastmoor and Sullivan avenues, just steps from the Colma BART station; and Rotary Gardens, South San Francisco, which will be undertaken by Beacon Development and the South San Francisco Rotarians, would create 80 units of senior housing in the downtown core, including some units for homeless seniors and frail elderly.
Independence Drive in Menlo Park is a project Habitat for Humanity Greater San Francisco plans to build 18 affordable townhomes for first-time homeowners, and Serramonte del Rey in Daly City is looking to build 88 units Eden Housing is proposed with the Jefferson Union High School District, the owner of the property being redeveloped on Serramonte Boulevard.
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