Silicon Valley Pins Hopes to End Homelessness on $950M Bond

Courthouse News Service reports on Santa Clara County’s affordable housing bond approved to appear on the November ballot to create opportunities to develop safe, affordable homes for all of our community members, including our homeless, seniors, veterans, people with disabilities, and low-income families.

 “Leaders in the nonprofit sector who run organizations dedicated to addressing Silicon Valley’s housing crisis also say California’s ending of county redevelopment agencies during the state budget crisis earlier in the decade has compounded the problem.

“With the loss of significant funding for affordable housing — the largest being the elimination of redevelopment funding that brought $60 million annually to Santa Clara County cities — few resources are available to finance the development of new affordable housing,” said Leslie Corsiglia, executive director of SV@Home, a nonprofit that advocates for affordable housing in the region.

Corsiglia and a consortium of other related nonprofits and private affordable-housing developers signed a letter expressing support for the general obligation bond.

“If placed on the ballot and subsequently approved by the county’s voters, these funds will create housing opportunities for thousands of county residents who are struggling to afford the high cost of living in the South Bay,” the letter states.”

Read the coalition letter, signed by dozens of agencies and convened by SV@Home, cited in this article here.

Read the full article via Courthouse News Service.
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Santa Clara County: Property values continue to soar

As property values continue to increase, the market continues to create challenges for Santa Clara County workers and families.

The Mercury News reports:

“A sizzling market fueled by “too many people chasing too few homes” makes for difficulties for those who earn less than the area’s median family income — which was $106,300 in 2015 according to the state housing department.

County supervisors recently approved putting a $950 million housing bond to voters in November, with most of the money earmarked for the poorest residents. A study by affordable housing advocacy group SV@Home stated that between 2013 and 2014 housing prices rose up to 16 percent while incomes grew by only 4.4 percent.

Santa Clara County has an imbalance of housing and jobs and we continue to add jobs without adding new homes for the new workers,” states the SV@Home report. “In 2015, the region added 64,000 new jobs and only 5,000 new housing units.”

It added that the lack of housing stock affects more than just the lower economic tiers.

“Even middle-income workers like teachers, public safety workers and health professionals find it challenging to find affordable housing options in our region.””

Read the full article via the Mercury News.

Read SV@Home’s Policy Roadmap cited in this article.

How Do We Tackle the Affordable Housing Crisis - A Policy Roadmap-1