Photo credit: Solaire Grand Opening, photo by Manuel Salazar
This year has been a rollercoaster for affordable housing development with no shortage of hurdles to overcome. From mounting interest rates to exorbitant costs for insurance, labor, and materials, 2024 has tested our resilience in unprecedented ways. Funding, a consistent source of concern for affordable housing developers, faced its own challenges as: Measure A is almost fully allocated; San José’s Measure E funds were redirected to interim housing; and bold new ideas to raise affordable housing funds such as Regional Measure 4 and Proposition 5 failed to gain traction. Yet, while these setbacks remind us of the immense difficulty of our work, they also underscore the importance of our mission and the power of perseverance.
Grand Openings: A Celebration of Achievement
Amid the challenges we faced this year, we also found moments to celebrate: 12 affordable housing developments reached completion this year, bringing thousands of much needed homes to Santa Clara County. These projects—years in the making—stand as testaments to the power of strategic investment. They remind us that even in difficult times, progress is possible:
- San José (6): Villas on 4th, Blossom Valley, Vitalia, Solaire, Arya, Hawthorn
- Sunnyvale (2): Meridian
- Santa Clara (2): Kifer, The Meridian
- Milpitas (1): Sango Court
- Mountain View (1): Heartwood
- Morgan Hill (1): Royal Oak
Each of these ribbon-cutting ceremonies marked more than just the opening of a building; it was a moment to celebrate the opportunity these homes bring to members of our community.
Groundbreakings: Building Momentum for the Future
Additionally, despite the obstacles, we broke ground on four new affordable housing developments this year.
- San José: Sunrise Pavilion
- Mountain View: Montecito
- Palo Alto: Mitchell Park
- Sunnyvale: Ira D. Hall
In a tough development environment, these projects are tangible proof that progress can and does continue—and that every step forward matters. Residents of Santa Clara County require affordable homes to thrive. If we halt development now simply because of market difficulties, we risk far greater costs to our community in the future.
Securing Funding for Tomorrow’s Homes
Navigating a difficult funding landscape, we also managed to achieve key victories that will aid future developments. With notable TCAC/CDLAC allocations secured for the following projects:
- San José (6): Julian Street Studios, Kooser Apartments, Distel Circle, 525 N Capitol, Moreland Apartments, Paseo Senter Rehab
- Gilroy (1): Monterey Family Apartments
- Los Altos (1): Distel Circle
These wins highlight the tenacity of our efforts to keep affordable housing projects on track even in the face of economic and political uncertainty and lingering concerns around the future of affordable housing finance and development.
Looking Ahead: Turning Challenges into Opportunities
As 2024 draws to a close, we reflect on a year that has tested us but also strengthened our resolve. The achievements that we have celebrated and the obstacles that we have encountered only deepen our commitment to ensuring everyone in Santa Clara County has a place to call home. And to our development partners, fellow advocates, government partners, and supporters: thank you for all that you do and for standing with us through it all.