Housing group announces $2.5M in loan money

Short-term funds directed toward affordable housing projects in county

REDWOOD CITY — The Housing Endowment and Regional Trust of San Mateo County is offering $2.5 million in new loan funding that will help affordable housing projects get off the ground.

Trust officials will formally announce the fund at today’s annual Housing Leadership Day, an event where hundreds of officials gather to focus on affordable housing. The trust has already distributed $4 million in long-term, 55-year loans, but the new money will go toward three-year loans, according to Chris Mohr, director of the county’s Housing Leadership Council.

“We’ll use this to get developments started, and then we’ll get that money back and can loan it out again,” Mohr said. HEART will offer loans of up to $750,000 at a 2 percent interest rate.

The long-term loans went to three housing projects and 398 new units, including Colma Transit Village, Hillcrest Senior Housing in Daly City and senior housing at Village at The Crossing in SanBruno. There are some new projects on the horizon, but none have come forward for the new loans yet, according to Mohr.

Creating affordable housing has proven difficult for cities in San Mateo County. In 1999, the Association of Bay Area Governments required local cities to build a total of 16,305 new units by 2006, including a number of low-income homes.

Just 8,443 were built, according to ABAG principal planner Ken Kirkey.

In response, all 20 of the county’s cities joined forces this fall so they can work together in future years to meet ABAG goals.

Meanwhile, the region’s work force has been moving to the East Bay or farther afield, according to HEART Chairwoman Carole Groom.

“We want our service employees to have a better quality of life, and we think you have that when you live and work in the same place,” Groom said. “It’s something that we need to do to maintain an intact community.”

bwinegarner@examiner.combusinessBusiness & Real EstateLocal

If you find our journalism valuable and relevant, please consider joining our Examiner membership program.
Find out more at www.sfexaminer.com/join/

Just Posted

Superintendent Vincent Matthews said some students and families who want to return will not be able to do so at this time. “We truly wish we could reopen schools for everyone,” he said. (Kevin N. Hume/S.F. Examiner)
SFUSD sets April reopening date after reaching tentative agreement with teachers union

San Francisco Unified School District has set April 12 as its reopening… Continue reading

José Victor Luna and Maria Anabella Ochoa, who cite health reasons for continuing distance learning, say they have been enjoying walking in Golden Gate Park with their daughters Jazmin, a first grader, and Jessica, a third grader. (Kevin N. Hume/S.F. Examiner)
Some SFUSD families prefer distance learning

Health issues, classroom uncertainties among reasons for staying home

Gov. Gavin Newsom has signed legislation intended to help California schools reopen. (Kevin N. Hume/S.F. Examiner)
Newsom signs $6.6 billion school reopening legislative package

By Eli Walsh Bay City News Foundation Gov. Gavin Newsom and state… Continue reading

Recology executives have acknowledged overcharging city ratepayers. (Mira Laing/2017 Special to S.F. Examiner)
Recology to repay customers $95M in overcharged garbage fees, city attorney says

San Francisco’s waste management company, Recology, has agreed to repay its customers… Continue reading

Most Read