Resources for Community Development

Bay Area affordable housing projects grab Prop. 46 funding

by Ryan Tate, San Francisco Business Times (7-7-03)

Bay Area affordable housing developers snagged more than a third of $150 million the state awarded for housing throughout California last week. The funds were the first disbursement under Proposition 46. The 2002 housing bond will ultimately finance $2.1 billion in affordable housing grants statewide.

Locally, the grants included $7 million for Mission Housing Development Corp.'s Valencia Gardens project in San Francisco, $7 million for Mid-Peninsula Housing Coalition's Mission Gateway in Union City and $6 million for two Resources for Community Development projects -- one in Alameda and one in Bay Point. Community Housing Partnership in San Francisco was awarded $4.3 million for its Senator Residence. Palo Alto Housing Corp. was awarded $4.6 million for its Oak Court Apartments.

Most of the money is targeted at affordable rental housing for working families, the elderly and the disabled. The $150 million will fund 5,500 permanent affordable units and homeless shelter beds statewide. Some money was also allocated for homeless assistance and to reward residential-development-friendly cities, a category that included Berkeley and Oakland but pointedly excluded San Francisco.

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