On Tuesday, September 11th, the San Jose Housing Department will present a report to the City Council that describes the proposed allocation plan for Measure V– the $450 million housing bond on the November ballot. The following chart outlines the proposed distribution of the funding.
| Target Population | Allocation |
| 0-30% AMI | At least $150 million |
| 30-80% AMI | Up to $219,350,000 |
| 80-120% AMI | At least $75 million |
| Cost of Issuance | $5,650,000 |
Note that AMI is short for Area Median Income- in Santa Clara County, 100% of AMI for a one person household is $87,650 and for a four-person household is $125,200. So to qualify for the 0-30% AMI homes, a one-person household would need to earn less than $26,295 (30% of $87,650).
The staff is recommending a flexible program that would allow them to respond to opportunities to create new affordable homes and to preserve homes at risk of loss. Priorities for receipt of funds will include project readiness, cost effectiveness, and leverage. Additionally, housing for the homeless will be a priority.
The report suggests three strategies to help spend the funds:
- Proactive identification of land– particularly publicly owned sites– and corresponding amendments to the General Plan to enable residential uses.
- Provision of funding for land acquisition to quickly tie up sites.
- Modification of the City’s 1.5 acre rule to allow commercial projects bounded on one side by residential to build mixed use development.
SV@Home supports the City’s recommendations and will voice our support at the meeting. We are looking at the recommendation on the City’s 1.5 acre rule and are following up with staff to understand the proposed change. The City Council had previously taken action to amend the rule to require only one side residential.