August 10, 2018

San Jose Leaders Put $450M Bond on November Ballot


On August 10th, San Jose City leaders took action to place two bond measures on the November ballot, one that includes $450 million for affordable housing and a second, $650 million bond measure for public safety, transportation infrastructure, and flood and water control projects. The vote on the housing measure was 10-1, with only Councilmember Johnny Khamis dissenting.

With only three months left before election day (November 6th), the campaign to pass these measures will quickly need to move into high gear.

The housing measure will provide acquisition, construction, rehabilitation, and permanent funding for housing for working families, veterans, seniors, individuals with disabilities, domestic violence survivors, the homeless, and the missing middle (teachers, nurses, paramedics, and other workers).   A minimum of $150 million will be set aside for households and individuals earning no more than 30% of Area Median Income (AMI), and at least $75 million will be set aside for households earning between 80 and 120% of AMI.

These funds are of critical importance to the City as it moves forward to meet its 10K affordable housing goal, proposed by the Mayor and approved by the City Council last fall.  City staff came forward this spring with a Housing Investment Plan that identified a $550 million gap in reaching the stated goal. The $450 million bond measure will fill a significant part of the gap, and will help the City bring in additional funding to fill any remaining need.

Please look out for SV@Home alerts moving forward, and for the launch of the official campaign.  Bond Measure name forthcoming!