A 100-unit affordable housing complex, La Avenida Apartments in Mountain View's North Bayshore, opened after financing support from Measure A, the $950 million affordable housing bond approved in 2016. Developed by Eden Housing, the building serves veterans, seniors, formerly homeless residents and households earning under 60% of area median income. The project cost $78 million, roughly $780,000 per unit, and developers say it would not have been built without Measure A. After nine years the fund is nearly depleted with $58.9 million unallocated. The county has approved funding for 5,976 new units, aided acquisition or rehabilitation of 689 units, and projects total of 6,665 affordable homes.
In Mountain View's North Bayshore neighborhood, where land abutting Google's headquarters comes at a premium and the average home is priced close to $2 million, a 100-unit affordable housing development opened its doors this spring. Developed by Eden Housing, La Avenida Apartments is one of the latest projects financed in part by Measure A - the $950 million affordable housing bond passed by Santa Clara County voters in 2016.
With a $78 million development price tag that equates to roughly $780,000 per unit, Eden Housing President Linda Mandolini said the La Avenida project would never have been built if it weren't for Measure A dollars. Neither would the other 240 affordable units across three projects in San Jose that Eden Housing has either completed or has in the works, she said.
County officials originally set a goal of 4,800 new homes at several different levels of affordability. And while some projects have yet to break ground, the county has approved funding for 5,976 new units. The bond measure has also helped acquire and rehabilitate seven other housing developments - some of which were previously market-rate housing - totaling 689 units.
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