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San Mateo County supervisors have directed $18 million in federal funds to local affordable housing needs.
“This funding builds on our commitment to expanding housing options for everyone,” said Board of Supervisors Vice President David Canepa in a prepared release on Tuesday, Oct. 22. “When a community has housing that is more affordable, the quality of life improves for everyone.”
The funding for this project is provided by the American Rescue Plan Act, signed into law in March 2021. Its goal is to support state and local governments in building an equitable economic recovery from the devastating impacts of the COVID-19 pandemic.
The county previously received a $9.5 million loan from ARPA funds, which facilitated affordable housing construction in April. Once completed, the Belmont Family Apartments will offer 125 new affordable units on El Camino Real, near the Belmont Caltrain station, shopping and services. Twenty of these homes will be designated for formerly homeless veterans.
“Belmont Family Apartments illustrates the impact of ARPA funding in creating new affordable housing in San Mateo County,” said the county in a press release.
With the action, the Board directed the County Executive’s Office to explore and enter into further agreements for eligible housing-related needs.
In total, nearly $18.5 million will be allocated to developing affordable housing, enhancing homelessness relief programs, and protecting and improving lower-cost housing.
According to the county, housing is affordable when a household spends no more than 30% of income for costs like rent, mortgage and utilities. In San Mateo County, the federal government considers a family of four earning $156,650 a year to be “low income.”
“Housing continues to be a pressing need across San Mateo County, especially as inflation continues to eat into paychecks,” Canepa added in the release. “I can think of no higher priority than directing additional funding to affordable housing.”
