Housing for Middle-Income Workers Needs to be Addressed by the City
Housing for middle-income wage earners, such as firefighters and teachers have often left out San Jose’s home equation. This is the focus of a new effort discussing at City Hall.
Homes for Middle-Income Workers Financed Through Bonds
Moreover, government purpose bonds to finance affordable homes could be the solution for middle-income earners. This is according to Councilmember Johnny Khamis said the city that becoming a member of the California Community Housing Agency (CalCHA).
It’s a Win for the People and the City Itself
“It’s a win for the people who are looking for affordable homes and a win for the city,” Khamis said. “It is because the city hasn’t built a single new low-income housing unit for a couple of years. Not a single one.”
The City has Fallen Short of Producing Workforce Housing
Although the city has approved housing for people in very-low income brackets, such as seniors and the homeless, Khamis said the city has fallen short in producing workforce housing for people earning 80% to 120% of the area median income (AMI).
“This program is exactly what we need and in the right time,” Khamis told San José Spotlight. “We see a lot of homelessness and everybody wants to solve that issue. Teachers, mechanics and restaurant workers are getting sidelined because they’re making a gainful living. They have being neglected.”
Therefore, CalCHA helps those who earn too much to qualify for traditional affordable homes yet not enough to live comfortably in the communities they work, said Scott Carper, program administrator for CalCHA.
Vince Rocha said CalCHA offers another tool in the toolshed of affordable homes. San Jose isn’t meeting housing demands. Rocha is a senior director of housing and community development of Silicon Valley Leadership Group.
“Otherwise, we’re leaving a whole segment of our workforce and residents out of the equation when we’re talking about affordability,” Rocha said.
CalCHA finances projects that provide, preserve and support affordable housing. Issuing governmental purpose bonds is key. Private investors buy California tax-free municipal bonds at favorable rates.