Where Did the Students Go? Housing & the School Enrollment Crisis

JOIN US VIRTUALLY ON FRIDAY, SEPTEMBER 26TH 12PM

Silicon Valley is becoming too expensive for families and our schools are paying the price. Enrollment is dropping, campuses are closing, and beloved school communities are being torn apart.

At the same time, teachers and staff face grueling commutes from far-away cities, while districts struggle to hire and keep the talent our kids deserve.

Join us for an inside look at SV@Home’s exclusive research on Silicon Valley’s enrollment crisis—and discover how affordable housing can keep families in our neighborhoods and strengthen schools across our region.

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August 27, 2025

Sticks & Bricks: Developers Corner August Edition

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This month’s Sticks & Bricks features an urgent call to action to protect AHSC funding—California’s most reliable source of affordable housing dollars—as Cap-and-Trade negotiations intensify in Sacramento. We also highlight new funding opportunities, key program updates, and upcoming events to keep developers informed and empowered to drive progress in the months ahead.

Protect AHSC Funding—Take Action Before August 29th!

As negotiations continue on the reauthorization of California’s Cap-and-Trade program the future of the Affordable Housing and Sustainable Communities (AHSC) program is at stake. AHSC is California’s largest and most consistent source of state funding for affordable housing tied to climate goals, transportation, and sustainability. It receives 20% of revenues from the Greenhouse Gas Reduction Fund (GGRF), a critical allocation that now risks being reduced or eliminated. With key negotiations ramping up, advocates across the state are mobilizing to ensure that AHSC remains fully funded.

The development community can play a vital role by raising its voice. SV@Home encourages you to act now by emailing your state representatives and urging them to protect AHSC’s 20% funding allocation. The California Coalition for Rural Housing (CCRH) has made it easy to take action through their FastAction letter, and Enterprise Community Partners has released a Call to Action Toolkit with talking points and instructions. The deadline to make your voice heard is Thursday, August 29. Thank you for taking the time to support this essential program, and for everything you do to advance affordable housing in our communities.

Funding Opportunities

Explore these new funding sources for affordable housing development:

  • San Jose NOFA– 2025 Update
    • The City of San José has launched a rolling RFP for its Gap Financing Program, accompanied by updated underwriting guidelines. Projects submitted will be publicly scored, with top proposals prioritized for funding and the remainder added to a new waitlist.
  • Homekey+ and Tribal Homekey+
    • The State of California has launched two parallel funding programs to expand Permanent Supportive Housing for individuals experiencing or at risk of homelessness with behavioral health challenges. The Homekey+ NOFA provides $2.145 billion for projects serving veterans and other individuals with behavioral health needs. In parallel, the Tribal Homekey+ NOFA allocates $121 million specifically for Tribes and Tribal Entities to create culturally appropriate housing solutions for households facing similar challenges. 

News and Resources

Access important resources and guidance for affordable housing development:

  • ICE Response Resources
    • At SV@Home, we are committed to providing developers with the resources necessary to effectively train staff on how to respond to potential ICE raids. Here we have compiled a list of available resources to help navigate these challenges, along with the link to our recent Policy in Action (PIA) event on this very subject 
  • NEW: $40.5 Million Homekey+ Award for Santa Clara County
    • The California Department of Housing and Community Development (HCD) has announced $75.5 million in new Homekey+ awards, including a major investment in Santa Clara County. In partnership with Abode Housing Development, the County will receive $40.5 million to develop the Algarve Community Apartments, creating 90 homes to support community members exiting homelessness, 24 of which will be made available to veterans experiencing homelessness. Congratulations to Abode Housing Development and partners on this award, which will bring much-needed homes and services to some of our community’s most vulnerable residents.
  • NEW: $144.5 Million in HOME Program Awards Announced
    • HCD has announced the allocation of $134.5 million for 14 multifamily project activities and $10.5 million for local assistance programs through the federally funded HOME program. The majority of funding is directed toward new multifamily construction across 13 counties, with additional support for first-time homebuyer and rental assistance initiatives. Demand was intense, with $422 million in requests submitted for just $134.5 million awarded, underscoring the competitiveness of this program and the need for additional funding sources.

Upcoming Events

Mark your calendars for these key industry events:

  • NEW: SPUR Presents “Addressing America’s Housing Crisis: A Conversation with Bruce Katz
    • Join SPUR for a free Digital Discourse on Thursday, September 18th from 12:30–1:30pm, where Bruce Katz, co-founder of the Nowak Metro Finance Lab, will discuss the future of federal housing funding under Trump 2.0, how localities should respond, and his work with the National Housing Crisis Task Force.
  • NEW: HCD Public Hearing on the 2024–2025 Consolidated Annual Performance and Evaluation Report (CAPER)
    • Join the California Department of Housing and Community Development (HCD) on Wednesday, September 3rd at 2:00pm for a virtual public hearing on the 2024–2025 CAPER, which reports on the state’s use of federal funds from programs including CDBG, HOME, ESG, and HOPWA. The hearing is an opportunity for developers and stakeholders to provide input on how federal resources are being allocated to meet California’s housing needs.
  • NEW: NPH 46th Affordable Housing Conference
    • Join the Non-Profit Housing Association of Northern California (NPH) for its 46th Annual Conference on Friday, October 3rd from 9:00am–5:00pm at the San Francisco Marriott Marquis. This all-day convening will bring together over 1,000 affordable housing leaders for learning, networking, and strategy to advance housing opportunities across the region.