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

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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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December 20, 2024

Homekey: A Pathway to Affordable Housing Solutions

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Photo credit: Jamboree Housing website

The San Jose City Council approved $5 million from Measure E funds to support the South Bay Community Land Trust (SBCLT) in acquiring and rehabilitating the Virginia Avenue Apartments. This marks the city’s first allocation of these funds for preservation, establishing a model for future community investments in deed-restricted affordable housing. View staff report.

The property includes 18 currently unrestricted rental homes that serve low-income households with nearly 89% of tenants earning 40% or less of the area median income. SBCLT plans to maintain affordability by capping rents at 30% of tenants’ incomes for severely rent-burdened households, freezing rents for one year, and adhering to city affordability restrictions for 55 years.

SBCLT will purchase the property for $4.5 million, funded by the Bay Area Housing Finance Authority (BAHFA) contingent on city approval. An additional $5 million city grant will be used for immediate rehabilitation to address deferred maintenance and improve living conditions. SBCLT also secured $1.5 million in additional funding for displacement mitigation and construction contingencies.

Originating from the City’s anti-displacement strategic plan, San Jose’s preservation strategy evolved from initial attempts to pass a Community Opportunity to Purchase Act (COPA) policy. As part of the exploration of this policy, staff and community partners like SV@Home explored what resources and requirements were needed to create alternative affordable housing models, like community land trusts (CLTs) and cooperatives. The City of San Jose released a Notice of Funding Availability (NOFA) for $5 million for acquisition and/or rehab of existing housing and worked with groups to adapt the underwriting guidelines to allow new groups to access that funding.

This effort reflects a collaborative approach between SBCLT, the city, and other partners to preserve naturally occurring affordable housing, prevent displacement, and set a precedent for similar initiatives across other cities.