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County of Santa Clara
2016 Measure A Citizens’ Oversight Committee Independent Advisor’s Quarterly Report, First Quarter FY 2018-19
Period in Review: This report provides an update on activity regarding the County’s 2016 Measure A Affordable Housing Bond Program and its Citizens’ Oversight Committee from July 1, 2018 through September 30, 2018, the first quarter of Fiscal Year 2018-19.
Summary
We highlight the following observations regarding the financial and operational performance of the Measure A Affordable Housing Bond Program (Program) during this first quarter of 2018-19:
No new housing developments were allocated Program funding during this reporting period. Without new housing developments, there was no increase in the amount of total funding committed to housing developments, nor has there been an adjustment to the housing development goals.
During the first quarter of 2018-19, progress continues as there were several milestones reached for the Program’s housing development projects. These development milestones are outlined in Exhibit 6 of this report.
As summarized in Exhibit 2 below, three projects had expenditures totaling $11.3 million during the quarter. As a result, cumulative project-to-date actual expenditures increased 142 percent from approximately $8 million at the end of June 2018 to $19.3 million as of September 30, 2018.
Activity Reported: Citizens’ Oversight Committee
Oversight Committee Meetings During this reporting period, the Oversight Committee held one meeting on September 6, 2018. Quarterly Report MGO has been coordinating with the Office of Supportive Housing staff to compile statistics on the financial and operational performance of housing developments supported by Measure A. In this quarterly report, we provide statistics outlining how Measure A funds are being used for affordable housing projects, as well as an outline of milestones being monitored for the development projects. Performance Dashboard MGO has been working with the Office of Supportive Housing to source originating documentation that will be used for compiling various performance metrics to be included in the performance dashboard. MGO originally created the performance dashboards through a third party data analytics software, and have now imbedded those graphics onto a landing page located on the Office of Supportive Housing’s website. A snapshot of this web page is attached to this report, and MGO will provide a live demonstration at the January 2019 Oversight Committee meeting. Financial Audit MGO has completed its financial audit of the Program for Fiscal Year 2017-18, of which the final version is attached for consideration by the Oversight Committee.
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Housing Development Financials – Exhibit 1
No housing developments were added to the Program during this reporting period. However, as reported in the June 30, 2018 report, there were 10 housing developments either under construction or in the planning process, that are either already receiving Measure A funds, or have received commitments from the Program. The County has committed $111 million from Measure A proceeds, which are estimated to finance approximately 26 percent of all total development costs, or approximately $135,900 per unit, as presented in Exhibit 1 below.
Exhibit 1 Projected Financials by Housing Development as of September 30, 2018
Project Name No. of Units/ Bedrooms
Estimated Total
Development Cost
Estimated Total
Cost Per Unit
Committed Program Funding
Program Commitment as % of Total
Estimated Cost
Program's Estimated Cost Share Per Unit
Villas on the Park 84/85 $38,947,606 $463,662 $7,200,000 18.49% $85,714
The Veranda 19/20 $11,390,778 $599,515 $1,000,000 8.78% $52,632Gateway Senior Apartments 75/86 $30,413,539 $405,514 $7,500,000 24.66% $100,000Crossings on Monterey 39/87 $22,841,968 $585,691 $5,800,000 25.39% $148,718Quetzal Gardens 71/141 $50,194,787 $706,969 $9,830,000 19.58% $138,451Leigh Avenue Senior Apartments 64/65 $49,947,164 $780,424 $13,500,000 27.03% $210,938
Sango Court 102/129 $72,488,258 $710,669 $16,000,000 22.07% $156,863North San Pedro 135/136 $60,229,610 $446,145 $7,200,000 11.95% $53,333Corvin Apartments 146/147 $56,946,894 $390,047 $29,000,000 50.92% $198,630Page Street Apartments 82/83 $40,716,824 $496,547 $14,000,000 34.38% $170,732
Totals 817*/979 $434,117,428 $111,030,000 25.58% $135,900Source: Financial data queried by the Office of Supportive Housing. * Note: The number of units includes units dedicated for property manager for each development. First Time Home Buyer Loan Program On June 5, 2018, the County Board of Supervisors approved $25 million of Measure A funds to finance a new, first-time homebuyer down payment loan program. The program will be administered through a partnership between the County’s Office of Supportive Housing and Housing Trust Silicon Valley. The funds will assist approximately 235 households over the first five years of the program by providing deferred loans for down payments of up to 17% of a home’s purchase price. The loan will be subordinate to the first mortgage. The program does not require monthly principal or interest payments. Borrowers will repay the principal loan amount plus a share of the appreciation, based on the percentage of the loan borrowed. Payments will be deferred until the earlier of the maturity date of the loan, the sale of the home, or a refinance of the first mortgage. The County anticipated issuing its first loans in September or October 2018, but the program did not officially launch until November 20, 2018. Further information on this housing loan activity will be addressed in the next quarterly report covering October through December 2018.
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Housing Trust Silicon Valley (HTSV) – Supportive Housing Fund (SHF) There have not been any modifications to this section since the last report which covered activity through June 30, 2018. As additional information becomes available on how the $11.9 million funds are administered, they will be addressed in future quarterly reports. In June 2015, the County Board of Supervisors approved $5 million in lending capital (“County Contribution”) to the SHF to make predevelopment loans for the creation and preservation of permanent housing with supportive services for extremely low-income individuals and families, and those with special needs. In addition, in June 2015, the County Board of Supervisors entered into a memorandum of understanding (MOU) with Housing Trust Silicon Valley to administer SHF to make loans to qualified developers. On April 11, 2017, the County Board of Supervisors entered into an amended MOU with Housing Trust Silicon Valley to augment the County’s contribution to the SHF by an additional $11.9 million to make predevelopment loans in accordance with the 2016 Measure A Affordable Housing Bond. This additional contribution to SHF was initially funded through the County’s general fund, with the intent to be repaid by Measure A bond funds once the bonds were issued. The 2016 Measure A Affordable Housing Bond, which was approved by the voters of Santa Clara County, authorizes the County Board of Supervisors to provide affordable housing for vulnerable populations including veterans, seniors, the disabled, low and moderate income individuals or families, foster youth, victims of abuse, the homeless, and individuals suffering from mental health of substance abuse illness. The amended MOU stipulates that the use of the $11.9 million funded by Measure A shall be used only for the purposes authorized by Measure A. The MOU further states that HTSV will provide the County with an annual summary report on all SHF’s disbursed funds, including demographic information collected. HTSV shall also provide the County with a report showing the amount of funds expended and the status of any project required or authorized to be funded with sufficient detail that is needed for the completion of an annual report and to ensure compliance with Measure A. Upon termination of the MOU, HTSV is to return to the County and County Contributions (including Measure A contributions) funds that have never been committed to a revolving loan through the SHF to the County no later than 30 days from the date of termination, expiration, or cancellation of the MOU. After termination, expiration, or cancellation of the MOU, any loan repayments received by HTSV must continue to be used for the intent and purpose of the SHF. Program Expenditures per Development Project – Exhibit 2 Of the $111 million committed to the 10 housing developments summarized in Exhibit 1, over $19 million, or 17 percent, was expended as of September 30, 2018. This is an increase of 142 percent when compared to the approximately $8 million spent as of June 30, 2018. Exhibit 2 below provides an overview, by project; of the expenditures to-date by cost category (acquisition, pre-development, and construction) reimbursed from Measure A funds.
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Exhibit 2 Program Expenditures by Housing Development as of September 30, 2018
Project Name Program Funds Expended This
Quarter
Total Program Funds
Expended Acquisition Construction
Pre-Development
Villas on the Park $1,963,244 $4,154,948 $0 $2,510,446 $1,644,502
The Veranda $0 $827,479 $68,564 $607,481 $151,434
Gateway Senior Apartments $7,500,000 $7,500,000 $3,600,000 $3,900,000 $0
Crossings on Monterey $1,865,675 $4,772,337 $2,400,000 $1,271,598 $1,100,739
Quetzal Gardens $0 $2,031,928 $2,031,928 $0 $0
Leigh Ave Senior Apartments $0 $0 $0 $0 $0
Sango Court $0 $0 $0 $0 $0
North San Pedro $0 $0 $0 $0 $0
Corvin Apartments $0 $0 $0 $0 $0
Page Street Apartments $0 $0 $0 $0 $0
Totals $11,328,919 $19,286,692 $8,100,492 $8,289,525 $2,896,675Source: Financial data provided by the Office of Supportive Housing.
Public/Private Leveraging Ratio (PPLR) - Exhibit 3
Based on the financial projections provided by the County for the 10 housing developments, we estimate that for every one dollar invested by the Measure A Program, the Program is incentivizing $2.91, on average, from outside investments (Public/Private Leveraging Ratio [PPLR]) into affordable housing projects, as estimated in Exhibit 3 below. For the current 10 projects in the Program, the PPLR ranged from $10.39 for The Veranda to just below $1 for the Corvin Apartments. This average and the information in Exhibit 3 have not changed compared to the last quarter since no new developments were added to the Program.
Exhibit 3 Estimated Ratio of Outside Investment per Development
Project Name Estimated Total
Development Cost
Committed Program Funding
Other Funding
PPLR
Villas on the Park $38,947,606 $7,200,000 $31,747,606 $4.41
The Veranda $11,390,778 $1,000,000 $10,390,778 $10.39
Gateway Senior Apartments $30,413,539 $7,500,000 $22,913,539 $3.06
Crossings on Monterey $22,841,968 $5,800,000 $17,041,968 $2.94
Quetzal Gardens $50,194,787 $9,830,000 $40,364,787 $4.11
Leigh Avenue Senior Apartments $49,947,164 $13,500,000 $36,447,164 $2.70
Sango Court $72,488,258 $16,000,000 $56,488,258 $3.53
North San Pedro $60,229,610 $7,200,000 $53,029,610 $7.37
Corvin Apartments $56,946,894 $29,000,000 $27,946,894 $0.96
Page Street Apartments $40,716,824 $14,000,000 $26,716,824 $1.91
Totals $434,117,428 $111,030,000 $323,087,428 $2.91Source: Financial data provided by the Office of Supportive Housing.
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It is important to note that PPLRs calculated in Exhibit 3 are based on projections and are likely to change over time as individual developments are completed and actual costs are finalized.
Housing Development Goals – Exhibits 4 and 5
In accordance with the Measure A Program Guidelines, Exhibit 4 below outlines the range and volume of the different types of housing units being built with the 10 developments underway. There are currently five categories of housing impacted by Measure A housing developments, of which we provide the following definitions for each type:
Permanent Supportive Housing (PSH): Housing units that provide long-term rental assistance, case management, and supportive services to the most vulnerable chronically homeless individuals and families.
Rapid Rehousing (RRH): Temporary housing units offered to individuals and families to quickly exit homelessness, all while receiving support services such as rental and financial assistance, case management, and support in identifying and securing permanent housing.
Extremely Low-Income (ELI): Housing units offered at rental rates below market value to households making up to 30 percent of the area median income (AMI).
Very Low-Income (VLI): Housing units offered at rental rates below market value to households making 31 to 50 percent of the AMI.
Low Income (LI): Housing units offered at rental rates below market value to households making 51 to 80 percent of the AMI.
As of the current reporting period, the Measure A funding commitment will assist in developing almost 17 percent of the total housing units per the program goals. Exhibit 4 below summarizes the development commitment of 27 percent of the goal for PSH units, approximately 10 percent of the goal for ELI housing units, and 25 percent of the goal for VLI housing units. None of the housing developments currently underway include RRH units. There are also 78 units of LI housing currently being built or planned for development, of which the Program Guidelines do not stipulate a development goal for this classification of housing.
Exhibit 4 Housing Development Goals vs Units Under Development
Project Name No. of
Units ** PSH RRH ELI VLI LI
Villas on the Park 83 83 0 0 0 0
The Veranda 18 6 0 6 6 0
Gateway Senior Apartments 74 37 0 0 5 32
Crossings on Monterey 38 20 0 0 11 7
Quetzal Gardens 70 24 0 23 0 23
Leigh Avenue Senior Apartments 63 63 0 0 0 0
Sango Court 101 40 0 31 14 16
North San Pedro 134 109 0 0 25 0
Corvin Apartments 145 80 0 0 65 0
Page Street Apartments 81 27 0 27 27 0
Totals 807 489 0 87 153 78
Program Goals 4,800 1,800 1,600 800 600 N/A*Percentage of Units in
Development 16.81% 27.17% 0.00% 10.88% 25.50% N/A Source: Data provided by the Office of Supportive Housing. * Program Guidelines do not stipulate a development goal for LI units. ** Note: The number of units exclude units dedicated for property managers for each development.
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Although no new housing developments were allocated Program funds this last quarter, there are several adjustments related to how the number of units per development were categorized in Exhibit 4 above. Four of the housing developments contained inaccurate data when categorizing the volume of housing units by type in the last quarterly report. These were clerical errors from County staff, have since been corrected, and do not reflect any changes from developers or housing development plans. After receiving updated information from the Office of Supportive Housing, we highlight the following adjustments that occurred:
Sango Court had 71 units for ELI listed in the last report. This number has been adjusted to 31, as 40 of these units are actually PSH. This does not affect the total count of 101 total units.
North San Pedro had 58 units listed for ELI, which have been adjusted to zero. There were also 76 units for VLI, which has been adjusted to 25. These 109 units have been properly reclassified as PSH. These adjustments do not affect the total count of 134 units.
Corvin Apartments had 77 units listed for ELI, which has been adjusted to zero, and 68 units for VLI, which has been adjusted to 65. These 80 units have been properly reclassified as PSH. These adjustments do not affect the total count of 145 units.
Page Street Apartments had 54 units listed for VLI, which has been adjusted to 27, as 27 of these units were supposed to have been classified as PSH. This adjustment does not affect the total count of 81 units.
As of June 30, 2018, the Program has committed approximately 15.57 percent of all allowable bond proceeds to finance 16.81 percent of its housing goals, as observed in Exhibit 5 below. These ratios have not changed as of September 30, 2018, since no new housing developments were allocated Program funding at this time.
Exhibit 5 Program Commitments as a Percentage of Housing Goals
Housing Programs Program Funds Committed
Supportive Housing Development Program $111,030,000
HTSV Supportive Housing Fund $11,900,000
First time homebuyer loan program $25,000,000
Totals $147,930,000
Percentage of Max Bond Allowance Committed 15.57%1
Percentage of Affordable Units in Development 16.81%1Percentage of total allowable bond funds expended on housing development is calculated by dividing $950 million by the $147,930,000 committed or expended to-date.
Housing Development Timeline – Exhibit 6
Between the fourth quarter of Fiscal Year 2017-18 and first quarter of 2018-19, there were several milestones reached for housing developments. Development milestones are outlined in Exhibit 6 below, and we highlight the following activity from the last quarter:
Gateway Senior Apartments began construction on July 1, 2018, three months later than planned. Leigh Avenue Senior Apartments started construction on August 1, 2018, as planned. Sango Court obtained land use approval by July 1, 2018, as planned. North San Pedro met its goal date to secure all financing by September 19, 2018. Page Street Apartments missed its goal to obtain land use approval by September 3, 2018, but did obtain
approval by December 3, 2018.
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Exhibit 6 Development Timeline: Projected vs Actual Milestones
Project Name Land Use Approval Secure All Financing Construction Starts
Construction Completed
Projected Actual Projected Actual Projected Actual Projected
Villas on the Park 11/29/2016 11/29/2016 11/14/2017 11/14/2017 3/1/2018 3/15/2018 4/1/2019
The Veranda 6/20/2017 6/20/2017 11/14/2017 12/5/2017 3/1/2018 5/15/2018 4/1/2019
Gateway Senior Apartments 4/18/2016 4/18/2016 11/14/2017 11/14/2017 4/1/2018 7/1/2018 6/1/2019
Crossings on Monterey 1/12/2016 2/21/2018 6/14/2018 5/16/2018 10/16/2018 10/16/2019
Quetzal Gardens 6/14/2017 6/14/2017 12/12/2018 1/1/2019 2/1/2020
Leigh Avenue Senior Apartments 7/10/2009 7/10/2009 5/16/2018 5/16/2018 8/1/2018 8/1/2018 2/1/2020
Sango Court 7/1/2018 7/1/2018 12/1/2018 3/1/2019 9/1/2020
North San Pedro 12/14/2011 12/14/2011 9/19/2018 9/19/18 11/1/2018 7/1/2020
Corvin Apartments 11/1/2018 5/1/2019 9/1/2019 10/1/2020
Page Street Apartments 9/1/2018 12/3/18 5/1/2019 8/1/2019 3/1/2021
Source: Data provided by the Office of Supportive Housing. Blue indicates that an action occurred ahead of schedule. Green indicates that an action occurred on schedule. Yellow indicates an action occurred later than projected, but within three months. Orange indicates an action has occurred more than three months later than projected.
Performance Dashboard
MGO has been working with the Office of Supporting Housing to design a page on their website for the Measure A performance metrics dashboard. Attached to this report is a snapshot from the website, and MGO will provide a live demonstration at the January 2019 Oversight Committee meeting. Financial Audit Attached to this report is MGO’s financial audit of the Measure A Program for Fiscal Year 2017-18. Although accounting standards require financial audits to report financial information in a specified manner, MGO reconciled expenditures reported in our annual advisory report for Fiscal Year 2017-18 to the financial audit. In summary, the audit confirms as of June 30, 2018 the following statistics:
Measure A had actually expended $19.9 million. Of the $19.9 million total expenditure, four of the 10 housing developments had accrued $7,957,771 in
actual expenditures through project reimbursements. In addition to the housing development reimbusements, $11.9 million had been awarded to Housing Trust
Silicon Valley for the Supportive Housing Fund. Finally, the audit confirms approximately $28,000 in actual expenditures for services rendered by MGO
in its capacity as the Oversight Committee’s Independent Advisor.
1/15/2019 2016 Measure A Housing Bond Progress - Supportive Housing - County of Santa Clara
https://www.sccgov.org/sites/osh/HousingandCommunityDevelopment/AffordableHousingBond/Pages/2016Measure_a_progress.aspx 1/9
County of Santa Clara
O�ice of SupportiveO�ice of SupportiveHousingHousing
HomeHome Housing and Community DevelopmentHousing and Community Development 2016 Measure A - A�ordable Housing Bond2016 Measure A - A�ordable Housing Bond 20162016
Measure A Housing Bond ProgressMeasure A Housing Bond Progress
2016 Measure A Housing Bond Progress2016 Measure A Housing Bond Progress
Program Overview
On November 8, 2016, the people of the County of Santa Clara approved Measure A,a proposition authorizing the County to issue up to $950 million in generalobligation bonds to acquire or improve real property for the purpose of providinga�ordable housing for vulnerable populations throughout the County. We providethe following highlights about the Measure A Program (Program):
Program funds are targeted to help construct 4,800 units of a�ordablehousing, in addition to assisting about 235 families to secure loans to financetheir first homes. In October 2017, a�er adopting a range of program guidelines over the use ofProgram funds, the County issued its first bond tranche of $250 million. As of September 30, 2018, the Program has committed almost $148 million, ofwhich $25 million is committed to the first-time homebuyer loan program,$11.9 million has been committed to a Supportive Housing Fund forpredevelopment loans, and about $111 million has been committed to 10housing developments that are in the process of developing 817 units ofa�ordable housing. As detailed in the program overview dashboard below, this means that almost16 percent of all bond proceeds are financing the development of 17 percentof the Program’s housing goals.
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1/15/2019 2016 Measure A Housing Bond Progress - Supportive Housing - County of Santa Clara
https://www.sccgov.org/sites/osh/HousingandCommunityDevelopment/AffordableHousingBond/Pages/2016Measure_a_progress.aspx 2/9
In addition, for every dollar invested by the Program, the Program incentivizesan average of $2.91 from outside investments (Public/Private LeveragingRatio).
Measure A 2016 Affordable Housing Bond ProgramA high level summary of Measure A key �nancial and program
performance metrics as of September 30, 2018
$900M
$800M
$700M
$600M
$500M
$400M
$300M
$700,000,000 (73.68%)
Measure A Affordable Housing Bonds
4,80
0 U
nit G
oal
0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000
817* (17.02%) 3,983 (82.98%)
In Development Remaining Units to be Developed
Affordable Housing Development Goal
$260M
$240M
$220M
$200M
$180M
$160M
$140M
$120M
$100M
$80M
$60M
$40M$11,900,000 (4.76%)
$91,743,309 (36.70%)
$102,070,000 (40.83%)
The graph below on the left indicates Measure A's approval of $950 million in affordable housing bonds, of which $250 million have been issued to date. The graph below on the right indicates the status of the $250 million issued to date.
The affordable housing development goal of Measure A is to build 4,800 units of affordable housing within Santa Clara County over 10 years. As of September 30, 2018 (13 months into the program) 817* affordable housing units are committed for development.
* Note: The number of units includes units dedicated for a property manager for each development.
1/15/2019 2016 Measure A Housing Bond Progress - Supportive Housing - County of Santa Clara
https://www.sccgov.org/sites/osh/HousingandCommunityDevelopment/AffordableHousingBond/Pages/2016Measure_a_progress.aspx 3/9
$200M
$100M
0
$950,000,000 Authorized
$250,000,000 (26.32%)
Bonds Issued (October 2017)
Unissued Authorized Bonds
$20M
0
$250,000,000 Bonds Issued (October 2017)
$19,286,691 (7.71%)
$25,000,000 (10.00%)
Expended
First-Time Homebuyer Program Commitment
Supportive Housing Fund Commitment
Committed, Unspent Uncommitted
Key Performance Results: Bond Proceeds Committed vs Housing Units in Development
Villas on the Park
The Veranda
Gateway Senior Apartments
Crossings on Monterey
Quetzal Gardens
Leigh Avenue Senior Apartments
Sango Court
North San Pedro
Corvin Apartments
Page Street Apartments
Overall Average
0 $1 $2 $3 $4 $5 $6 $7 $8 $9 $10 $11
$4.41
$10.39
$3.06
$2.94
$4.11
$2.70
$3.53
$7.37
$0.96
$1.91
$2.91
Public/Private Leveraging Ratio
Bond Proceeds Committed and ExpendedCompared to Total Measure A Bonds
Authorized
Housing Units in Development Comparedto Program Goals
0 5% 10% 15%
15.57% ($147,930,000 / $950,000,000)
17.02% (817 units / 4,800 units)
The chart above indicates that, as of September 30, 2018, the rate in meeting the affordable housing development program goals exceeds the pro rata share of Measure A bond funds committed.
The chart below shows the leveraging ratio from outside sources for every $1 of Measure A funding committed to date per affordable housing development project.
1/15/2019 2016 Measure A Housing Bond Progress - Supportive Housing - County of Santa Clara
https://www.sccgov.org/sites/osh/HousingandCommunityDevelopment/AffordableHousingBond/Pages/2016Measure_a_progress.aspx 4/9
Use of Bond Proceeds
The dashboards below provide details on the estimated cost share per unit andhousing development, sources of funding by housing development, and actualexpenditures to-date. As of September 30, 2018, we provide the followinghighlights:
The Program has committed $111,030,000 to 10 housing developments,with individual commitments ranging from $1 million (The Veranda) to $29million (Corvin Apartments). When looking at the estimated cost per unit of housing, the Program hascommitted anywhere from $52,623 per unit (The Veranda) to $210,938 perunit (Leigh Avenue Senior Apartments), with an average cost share of$135,900 per unit of housing. Although $111 million has been committed by the Program for housingdevelopments, about $19.3 million has been actually expended to-date.
Villas on the Park (84/85)
The Veranda (19/20)
Gateway Senior Apartments (75/86)
$85,714 $377,948
$52,632 $546,883
$100 000 $305 514
Existing Development Projects
Estimated Cost Share Per UnitDevelopment (Number of Units/Bedrooms)
1/15/2019 2016 Measure A Housing Bond Progress - Supportive Housing - County of Santa Clara
https://www.sccgov.org/sites/osh/HousingandCommunityDevelopment/AffordableHousingBond/Pages/2016Measure_a_progress.aspx 5/9
Villas on the Park (84/85)
The Veranda (19/20)
Gateway Senior Apartments (75/86)
Crossings on Monterey (39/87)
Quetzal Gardens (71/141)
Leigh Avenue Senior Apartments (64/65)
Sango Court (102/129)
North San Pedro (135/136)
Corvin Apartments (146/147)
Page Street Apartments (82/83)
Average per Development (817/979)
0 $10M $20M $30M $40M $50M $60M $70M
$31,747,606
$10,390,778
$22,913,539
$17,041,968
$40,364,787
$13,500,000 (27.03%) $36,447,164
$16,000,000 (22.07%) $56,488,258
$53,029,610
$29,000,000 (50.92%) $27,946,894
$14,000,000 (34.38%) $26,716,824
$11,103,000 (25.58%) $32,308,743
Committed Measure A Funding Non-Measure A Estimated Funding
Gateway Senior Apartments (75/86)
Crossings on Monterey (39/87)
Quetzal Gardens (71/141)
Leigh Avenue Senior Apartments (64/65)
Sango Court (102/129)
North San Pedro (135/136)
Corvin Apartments (146/147)
Page Street Apartments (82/83)
Average Cost per Unit (817/979)
0 $100K $200K $300K $400K $500K $600K $700K
$100,000 $305,514
$148,718 $436,973
$138,451 $568,518
$210,938 $569,486
$156,863 $553,806
$53,333 $392,812
$198,630 $191,417
$170,732 $325,815
$135,900 $395,456
Measure A Estimated Cost Share per Unit Non-Measure A Estimated Cost Share per Unit
Sources of Funding for DevelopmentsDevelopment (Number of Units/Bedrooms)
$30M
$25M
$20M
$15M
$10M
$5M
0
Villas on the Park The Veranda Gateway SeniorApartments
Crossings onMonterey
Quetzal Gardens Leigh AvenueSenior
Apartments
Sango Court North San Pedro CorvinApartments
Page StreetApartments
$13,
500,
000
$16,
000,
000
$29,
000,
000
$14,
000,
000
Actual Expenditures (unaudited) Balance of Committed Funds
Measure A Funds Committed vs Expended by Affordable Housing Development Project
Measure A Expenditures for Affordable Housing Projects by Development Cost Category
$8M
$7M
$6M
$5M
$4M
$3M
$2M
$1M
0
Villas on the Park The Veranda Gateway SeniorApartments
Crossings onMonterey
Quetzal Gardens Leigh AvenueSenior
Apartments
Sango Court North San Pedro CorvinApartments
Page StreetApartments
$1,644,502 $607,481
$1,271,598
$2,031,928
Pre-Development Acquisition Construction
1/15/2019 2016 Measure A Housing Bond Progress - Supportive Housing - County of Santa Clara
https://www.sccgov.org/sites/osh/HousingandCommunityDevelopment/AffordableHousingBond/Pages/2016Measure_a_progress.aspx 6/9
Housing Program GoalsHousing Program Goals
Program housing goals aim to create 4,800 units of a�ordable housing. As ofSeptember 30, 2018, Program funds helped finance almost 17 percent of thetotal housing goal. The status of housing development goals by type of housingare as follows:
Program funds helped finance over 27 percent of the PermanentSupportive Housing (PSH) goal. Program funds helped finance almost 11 percent of the Extremely Low-Income (ELI) housing goal. Program funds helped finance over 25 percent of the Very Low-Income(VLI) housing goal. None of the current housing developments contain Rapid Rehousing (RRH)units. There are 78 units of Low-Income (LI) housing incorporated into thehousing developments; however, the Program has no housing goal for this
1/15/2019 2016 Measure A Housing Bond Progress - Supportive Housing - County of Santa Clara
https://www.sccgov.org/sites/osh/HousingandCommunityDevelopment/AffordableHousingBond/Pages/2016Measure_a_progress.aspx 7/9
category of housing.
The dashboards below provide detail on the number of units in development byhousing type, as well as how each housing development contributes to eachhousing goal.
Permanent Support Housing (PSH) - 1,800 Unit Goal
Rapid Rehousing (RRH) - 1,600 Unit Goal
Extremely Low Income (ELI) - 800 Unit Goal
Very Low Income (VLI) - 600 Unit Goal
Low Income (LI)
0 200 400 600 800 1,000 1,200 1,400 1,600 1,800
489 1,311
1,600
87 713
153 447
78
Units in Development Remaining Units to Meet Goal
Housing Goals by Affordable Housing Category
PSH
RRH
ELI
VLI
LI
0 50 100 150 200 250 300 350 400 450
83 6 37 20 24 63 40 109 80 27
6 23 31 27
6 5 11 14 25 65 27
32 7 23 16
Villas on the Park The Veranda Gateway Senior Apartments Crossings on Monterey Quetzal Gardens Leigh Avenue Senior Apartments Sango Court North San Pedro
Corvin Apartments Page Street Apartments
Housing Projects by Affordable Housing Category(Number of Units)
(Number of Units)
1/15/2019 2016 Measure A Housing Bond Progress - Supportive Housing - County of Santa Clara
https://www.sccgov.org/sites/osh/HousingandCommunityDevelopment/AffordableHousingBond/Pages/2016Measure_a_progress.aspx 8/9
List of housing developments funded by Measure A HousingBond:Select any development below to view a detailed summary of the project.
HousingHousing
DevelopmentDevelopment
Total #Total #
of Unitsof UnitsStatusStatus
PROJECTEDPROJECTED
COMPLETION DATE COMPLETION DATE
1. T he Ve randa 19under
constructionMay 2019
2. Villas on the Park 84under
constructionDec 2019
3. Gateway Senior
Apartments75
under
constructionDec 2019
4. Crossings on Monterey 39under
constructionDec 2019
5. Leigh Ave Senior
Apartments64 pre-construction Feb 2020
6. Page Street
Apartments82 pre-construction May 2021
7. North San Pedro
Apartments135 pre-construction July 2020
8. Quetzal Gardens 71 pre-construction Apr 2020
9. Corvin Apartments 146 pre-construction Jan 2021
10. Sango Court 102 pre-construction Sep 2020
11. Agrihood Senior
Apartments 165 pre-construction Jan 2022
12. Evans Lane Community
Village 61 pre-construction Feb 2021
13. West San Carlos
Housing 80 pre-construction Jan 2022
14. Blossom Hill Housing 147 pre-construction Sept 2021
15. Alum Rock Family
Housing 87 pre-construction Aug 2021
16. Roosevelt Park 80 pre-construction Apr 2022
17. Markham Plaza I 153 Renovation Sept 2020
18. Markham Plaza II 152 Renovation Sept 2020
19. Curner Studios 179 Revovation Dec 2020
Total New Units 1,437
Total Revovated
Units 484
1/15/2019 2016 Measure A Housing Bond Progress - Supportive Housing - County of Santa Clara
https://www.sccgov.org/sites/osh/HousingandCommunityDevelopment/AffordableHousingBond/Pages/2016Measure_a_progress.aspx 9/9
Total Units 1,921
Last updated: 1/15/2019 4:10 PM
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COUNTY OF SANTA CLARA HOUSING BOND PROJECTS FUNDS
Independent Auditor’s Reports,
Financial Statements, and Independent Accountant’s Report
For the Year Ended June 30, 2018
