On July 31st, SV@Home hosted a virtual Developer Roundtable, bringing together key stakeholders to discuss the Regional Measure 4 (RM4) campaign. This event offered developers and lending partners significant updates on RM4, a groundbreaking initiative set to impact the Bay Area’s affordable housing landscape. With presentations from Santa Clara County campaign co-lead Huascar Castro of Working Partnerships USA (WPUSA) and Nevada Merriman from MidPen Housing Corporation, the roundtable addressed the measure’s progress, legislative status, and the vital role the development community plays in ensuring its success. The session underscored the importance of collective engagement in achieving our shared goal of expanding affordable housing.
Regional Measure 4 (RM4), slated for the November ballot, promises to be a transformative force for affordable housing across the Bay Area. If passed, RM4 will generate $20 billion to produce and preserve more than 72,000 affordable homes, benefiting half a million low-income households over the life of these developments. The measure allocates funds strategically: 52% for new housing production, 15% for preservation of existing affordable units, and 28% for flexible uses such as infrastructure investments necessary for new residential communities, interim shelter, and emergency housing. With $2.4 billion allocated for investment by Santa Clara County and $2.1 billion by San Jose, RM4 aims to create 58,000 jobs annually and leverage an additional $76.2 billion from other sources, making a significant impact on both the housing crisis and the local economy.
The campaign for RM4 has gained momentum, buoyed by recent legislative developments, including Proposition 5, which seeks to set the voter approval threshold for housing bonds at 55%. This change is crucial for the success of RM4, as it will allow for a more democratic process of voter passage. SV@Home, alongside WPUSA, is leading the Santa Clara County campaign, working tirelessly to build support and secure endorsements from key stakeholders. While the July 31st roundtable focused on how developers can contribute to this effort, the broader campaign recognizes that achieving success requires unity and collective action. It must be an inclusive endeavor, requiring the participation of all community members to bring RM4 to fruition and address the urgent need for affordable housing in our region.
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