The San Jose City Council has placed an affordable housing bond measure, known as Measure V, before voters at the November 6, 2018 election. If passed, the measure would authorize the sale of $450 million in general obligation bonds to fund the acquisition of land for affordable housing projects, the construction or rehabilitation of affordable housing and the cost of issuing the bonds.
The bond measure is intended to provide housing that's affordable for working families, veterans, seniors, teachers, nurses, paramedics, and other workers. It’s also intended to help homeless residents get off of the street, or out of parks and creeks, and into housing.
Assuming the full $450 million amount is issued, Measure V requires the City to devote at least $150 million to housing for households earning up to 30% of area median income (AMI) and at least $75 million for households earning between 80% and 120% of AMI. The City Council has adopted the below allocation plan based on Measure V’s requirements.
Measure V Allocation Plan
Households earning up to 30% of AMI
At least $150,000,000
Households earning up to 80% of AMI
Up to $219,350,000
Households earning between 80% and 120% of AMI
At least $75,000,000 but no more than $100,000,000
Cost of Issuance
To address the need for housing in our community, the City Council established a goal to build 10,000 affordable homes by 2022. After reviewing the resources available from local, state and federal sources, there is an estimated gap in funding for over 4,000 units. Measure V will help to fill this gap by funding up to an estimated 3,600 new affordable units.
Read the Measure V FAQ
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