SAN JOSE – The Santa Clara County Board of Supervisors is poised Tuesday to approve $44.eight million in loans for half a dozen new housing developments within the South Bay that might largely benefit special requirements seniors and chronically homeless persons.
The cash would appear from Evaluate A – the $950 million economical housing bond accredited by voters in November 2016. The first $250 million generally obligations bonds was offered previous thirty day period.
The six projects in Cupertino, Gilroy, Morgan Hill and San Jose would incorporate 233 long lasting supportive housing models to help individuals and families with special requires receive and maintain long term housing, 29 flats for extremely low-income households and 22 residences for pretty low-income households, according to a county staff report.
The county in the end aims to create 1,800 units of everlasting supportive housing, 800 units of extremely low-income housing and 600 models of extremely low-income housing.
In case the loans are permitted, the developers might be essential to submit quarterly updates on their progress in securing extra funding. The financial loan amount of money for every project would count on the tax credit history awards in addition as any additional funding they get.
The board on Tuesday also is slated to come to a decision whether to give the county govt the authority to work while using the project builders to lessen costs, optimize funding sources and optimize the amount of supportive and extremely low-income housing units.
“While the county, cities and economical housing builders press to quickly assemble new inexpensive residences, we are challenged to stability development opportunities using the obligation to judiciously use community cash,” the staff report states.
“On one particular hand, we know the impact that housing or the lack of housing can have on persons, families, communities and safety-net systems. On the other hand, development costs could vary considerably amongst projects, fluctuate by building kind, change based on area, fluctuate depending on market ailments and may be not easy to predict.”
For example, the staff report notes, some developers have reported a rise in construction estimates mainly because of the recent North Bay fires and natural disasters in Texas, Florida and Puerto Rico.
The board meeting is scheduled to get place Tuesday at 9:thirty a.m. during the Board of Supervisors Chambers with the County Federal government Centre, 70 West Hedding St., in San Jose.