San Mateo County approves $40 million for seven affordable housing projects

San Mateo County supervisors this week unanimously approved $40 million to spur development of new affordable housing projects.

More than half of the funds for these projects — about $21 million — will be sourced from Measure K, a local sales tax. The county is targeting building 2,833 homes by 2031, with 60% of those units allocated for very-low to moderate income earners.“High rents and massive mortgages price out workers – and our kids – who are forced with the choice of grueling commutes to our job centers or moving out of the region,” said Warren Slocum, president of the Board of Supervisors. “The solution to the housing crisis is simple: build more housing.

In recent years, state regulators have been scrutinizing cities’ housing plans more closely than ever before, as the state struggles with soaring housing costs and a housing shortage.: Linc Housing plans to develop 37 new units on a city-owned site at Hill Street and El Camino Real, near the Caltrain station.: Abode Housing/CRP Affordable is developing a 65-unit project located less than two blocks east of the Caltrain station and El Camino Real.

Source: Real Estate Daily Report (realestatedailyreport.net)

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