New affordable housing development doesn’t happen on its own – particularly housing that serves our lowest-income and most vulnerable residents. Even with the significant funding unlocked by the 2016 Measure A housing bond, several other pieces (financial and otherwise) must come together to ensure that new affordable housing developments actually move from concept to construction. So, at Destination: Home, we’ve leveraged private funding with our Supportive Housing and Innovation Fund to catalyze the production of more ELI & Supportive Housing units.
The Supportive Housing & Innovation Fund has invested over $50 million to spur the development of deeply affordable housing.
Direct Investments in Developments with ELI & Supportive Housing Units
We make strategic, early investments that can help catalyze ELI & Supportive Housing production. In particular, we’ve provided zero- or low- interest acquisition and pre-development funding for 30 Supportive / ELI housing developments that collectively represent more than 2,600 affordable units.
About half of these developments are already under development, including:
The Algarve Apartments
Villas at 4th Street
Kifer Senior Apartments
Additional Investments to Accelerate ELI & Supportive Housing Production
In addition, we have helped invest private dollars to address other challenges that can impede the pace of ELI & Supportive Housing production. This includes:
- Expanding Capacity within Non-Profit Developers.
Developing new affordable housing projects is no easy task. And the scale at which we can produce this sorely-needed type of housing is dependent on our non-profit developers having the manpower to shepherd prospective projects through the development process.
As a result, we’ve provided multi-year grants to provide flexible funding at 8 key non-profit affordable housing developer partners to help accelerate a development pipeline that collectively includes 1,600 prospective Supportive or ELI units.
- Accelerating Development Review.
To meet the needs of our community, we must find ways to accelerate the pace at which new affordable housing developments are being constructed. It continues to take far too long to get new affordable housing developments built – and much of that time can be attributed to unnecessarily lengthy City review and permitting processes.
To address this challenge, we’ve helped fund a dedicated city planner position in San Jose. to expedite and streamline applications for new developments that include ELI and Supportive housing units. Since this pilot partnership launched in 2018, we’ve seen the average approval time reduced by more than 2 months!