San Mateo County supervisors this week unanimously approved $40 million to spur development of new affordable housing projects.
More than half of the funds for these projects — about $21 million — will be sourced from Measure K, a local sales tax.
The money will be used to fund seven different projects totaling 431 new units in county jurisdictions from Daly City to Menlo Park.
The county submitted its revised state-mandated housing plan, known as the “housing element,” to regulators last April, and is waiting for certification that its plan is compliant with state housing laws.
The county is targeting building 2,833 homes by 2031, with 60% of those units allocated for very-low to moderate income earners.
“High rents and massive mortgages price out workers – and our kids – who are forced with the choice of grueling commutes to our job centers or moving out of the region,” said Warren Slocum, president of the Board of Supervisors. “The solution to the housing crisis is simple: build more housing. And that’s exactly what we are contributing to with this investment of Measure K funds.”
In recent years, state regulators have been scrutinizing cities’ housing plans more closely than ever before, as the state struggles with soaring housing costs and a housing shortage.
The latest round of funding will go toward the development of the following projects:
— Hill Street Apartments, Belmont: Linc Housing plans to develop 37 new units on a city-owned site at Hill Street and El Camino Real, near the Caltrain station.
— Cypress Point, Moss Beach: MidPen Housing proposes a project with 71 new units at Carlos Street and Sierra Street in Moss Beach.
— Ridge@Ralston, Belmont: Abode Housing/CRP Affordable is developing a 65-unit project located less than two blocks east of the Caltrain station and El Camino Real.
— 493 Eastmoor, Daly City: The CORE Companies intend to construct 72 units at the northwest corner of Eastmoor and Sullivan Avenues, within walking distance of the Colma BART station.
— Rotary Gardens, South San Francisco: Beacon Development and South San Francisco Rotarians plan to create 80 senior housing units in the downtown area, including accommodations for homeless seniors and the frail elderly.
— Independence Drive, Menlo Park: Habitat for Humanity Greater San Francisco aims to build 18 affordable townhomes for first-time homeowners.
— Serramonte del Rey, Daly City: Eden Housing, in partnership with the Jefferson Union High School District, proposes an 88-unit development on a property off Serramonte Boulevard.
Over the past decade, San Mateo County has invested $300 million to develop and improve affordable housing projects.