$40 Million Allocated by San Mateo County Supervisors to Spur New Affordable Housing Including $12M for the Moss Beach Cypress Point Project

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PRESS RELEASE. From the San Mateo County Executive’s Office on June 11th, 2024.

Redwood City – San Mateo County supervisors today allocated more than $40 million to spur the development of new affordable housing.

 

More than $21 million in funding is from the voter-approved Measure K half-cent sales tax, which provides local funds for local needs. Spread across seven projects, the funds would contribute to creating 431 new units of affordable housing from Daly City to Menlo Park.

“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. And that’s exactly what we are contributing to with this investment of Measure K funds.”

 

The funding builds on the County’s commitment to addressing San Mateo County’s shortage of affordable housing. Over the past decade, County supervisors have committed more than $300 million to protect, preserve and build affordable housing.

 

Together, the projects would provide affordable housing for low-income seniors and families, farmworkers, former foster youth, individuals with developmental challenges and other targeted populations. The projects represent a mix of rental units and homes available for purchase.

 

On a vote of 5-0, the Board approved the projects based on a number of criteria, including readiness and competitiveness for additional state and other funding sources.

Seven Projects, 431 Future Homes

In total, the Board allocated $40,531,131 toward the seven developments. In addition to Measure K funds, sources include $16,505,645 in Moving to Work program dollars from the County’s housing authority which targeted the federal dollars to increase housing choices for low-income families.

 

Projects approved for funding (view a presentation to the Board, with funding details and targeted populations for each project):

 

Hill Street Apartments, Belmont: This project, by Linc Housing, would provide 37 new units on a city-owned parcel at Hill Street and El Camino Real near the Caltrain station.

 

Cypress Point, Moss Beach: Developed by MidPen Housing, this project would provide 71 new units at Carlos Street and Sierra Street in Moss Beach.

 

Ridge@Ralston, Belmont: This 65-unit project being developed by Abode Housing/CRP Affordable would be built less than two blocks east of Caltrain and El Camino Real.

 

493 Eastmoor, Daly City: The CORE Companies proposes to build 72 units at the northwest corner of Eastmoor and Sullivan avenues, a short walk from the Colma BART station.

 

Rotary Gardens, South San Francisco. This project, by Beacon Development and South San Francisco Rotarians, would create 80 units of senior housing in the city’s downtown core, including some units for homeless seniors and frail elderly.

 

Independence Drive, Menlo Park: Habitat for Humanity Greater San Francisco plans to build 18 affordable townhomes for first time homeowners.

 

Serramonte del Rey, Daly City: This 88-unit project by Eden Housing is being proposed with the Jefferson Union High School District, the owner of the property being redeveloped off of Serramonte Boulevard.

 

Presentation to Supervisors

[pdf-embedder url=”https://coastsidebuzz.com/wp-content/uploads/Items-12-and-13-Housing-and-Governing-Board.pdf” title=”Items 12 and 13 – Housing and Governing Board”]

 

 

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More on Cypress Point on Coastside Buzz

 

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