The county this week expanded a yearlong effort to protect existing affordable apartment buildings and ramp up construction of new affordable properties.
The Board of Supervisors at its Tuesday morning meeting approved a new program to oversee the effort, dubbed the San Mateo County Affordable Rental Housing Preservation Program. It also authorized $10 million in Measure A funds toward the construction of new affordable units. The money will be used as loans to affordable housing developers to "provide fast-moving, flexible ... funding to nonprofit and mission-driven for-profit developers and owners to acquire and preserve existing, naturally affordable multifamily housing," according to a board report.
The program is also expected to help the Department of Housing apply rent restrictions to affordable properties for a minimum of 30 years; improve the quality and condition of current affordable stock "by addressing deferred maintenance and obsolete systems"; protect existing tenants from displacement and rent any existing vacant apartment units to new low-income households; and leverage other public and private funding sources.
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