In its largest allocation to date, the County of San Mateo has pledged to invest approximately $27.6 million to build, protect and preserve affordable housing.
The money will be available through a competitive process to nonprofit and mission-driven for-profit housing developers. The County funds are expected to seed further investments in affordable housing and attract additional financing in what has become one of the most expensive housing markets in the nation.
“Investing in housing that is affordable to families at all income levels is vital to everyone who lives and works in our community,” said Carole Groom, president of the Board of Supervisors.
“Ensuring we have a supply of affordable housing reduces stress, improves health and allows individuals of all means to live close to transportation and job centers where families can enjoy good schools and safe neighborhoods.”
Of the approximately $27.6 million in new funding, about $25 million (pending final approval by the Board of Supervisors expected in late June) is from Measure K, a voter-approved half-cent sales tax extension that provides funds for local needs.
The infusion of these new funds will bring the County’s total commitment to affordable housing to more than $136 million since the Board launched the County’s Affordable Housing Fund in 2014. Those funds have helped create 1,828 new units and preserved 288 units, helping 4,700 residents live in safe and affordable homes.
In a report last month, the Non-Profit Housing Association of Northern California praised San Mateo County for its efforts “to reverse the trend of the growing affordable housing shortfall” across the Bay Area through its Measure K affordable housing investments.
The median sale price of a home in San Mateo County topped $1.7 million in May 2019, up 10.3 percent from a month earlier, according to data from the San Mateo County Association of Realtors. The median sale price of a condominium or townhouse rose to over $1 million.
At $3,310, the average monthly rent in the City of San Mateo was the highest in the nation for “small” cities in April 2019, according to a survey by RentCafe.com.
“It underscores the need for our continuing Measure K housing investments,” Groom said. “We can start to push the needle and provide opportunities for families at all income levels, including teachers, veterans, police officers, and our most vulnerable residents.”
More information and links to the application are available at