San Jose’s $450 million housing bond now has a name and title—Measure V—Vote Affordable San Jose!

Measure V will provide funding for affordable housing for working families, veterans, teachers, nurses, seniors, people with disabilities, and the homeless.  Of the total, $75 million will be set aside for housing for families earning between 80-120% of area median income, $225 million will be set aside for households earning between 30-80% of area median income, and $150 million will be set aside for people earning 30% of area median income or below.  In San Jose, a one-person household making less than $27,950 is considered Extremely Low Income (earning 30% of area median income or below).  For a four-person household, the number is $39,900.

Because this is a bond measure, it will require a YES vote from 2/3rds of the voters.

Passage of this bond is of critical importance to San Jose as it works to address its affordable housing need.  The funds raised will fill the gap in funds needed to reach the goal of 10K new affordable housing opportunities that was included in Mayor Sam Liccardo’s 15-point housing plan. While voters will see other measures on the ballot– including Propositions 1 and 2 on the State ballot– San Jose won’t be able to access those funds unless the City has local funding to provide as leverage.  And, with the loss of redevelopment funding that the City depended on for years to finance new affordable development, local funding is insufficient to make even a dent in the housing crisis.  That’s where Measure V comes in.

As the campaign revs up, SV@Home will provide information about how to connect with campaign staff to get information, volunteer, endorse the bond, or donate.  The ground game and get out the vote will be really important and the campaign will need lots of volunteers.  So be on the lookout for opportunities to join the campaign and knock on doors, make calls, or make presentations. There will be many ways that you can personally help get this Measure over the goal line in November.  A website is expected soon, as is a Facebook Page.  We will let you know!