REPORT TO COUNCIL
SUBJECT
Title
Proclamation of May as Affordable Housing Month and Recognition of the Freebird Development Company for the successful Completion of the Monroe Commons Affordable Housing Development
Report
COUNCIL PILLAR
Enhance Community Engagement and Transparency
BACKGROUND
Housing affordability continues to be a top concern in Santa Clara and throughout the region. In March 2024, the median price for a single-family home in Santa Clara was $1,950,000 and over 40% of renters in Santa Clara pay more than 30% of their income on housing. In addition, over 375 people were counted in the City as being unsheltered in 2022. Over the next seven years, the City's regional housing goal is to facilitate the construction of over 2,872 new extremely low and very low-income housing units by 2031.
In recent years, Santa Clara has contributed greatly to increasing housing at all income levels. The City paved the way for a large amount of development through the completion of several specific plans. The City has also been successful at leveraging $86 million of the County's Measure A Housing Bond to funding 489 units, which is 155% of the Measure A's funding goal for the City. In addition, according to the Metropolitan Transportation Commission (MTC), the City of Santa Clara was the 8th largest producer of affordable housing, out of 101 cities, in the nine County Bay Area between 2018-2022.
The City's current pipeline includes over 650 units of 100% affordable housing and potential for an additional 466 low- and moderate-income rental units and 88 affordable for-sale units from projects that are subject to the City's Affordable Housing Ordinance.
While the City has done a lot to boost affordable housing production, more is needed. To make meaningful progress, the City will need new sources of funding, new partnerships, and community support for new affordable housing.
Each year communities around the country organize events in recognition ...
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