San Jose's Mayor proposes California's largest program for a region where rapidly risng housing costs are forcing many middle-income families to leave.
According to this article, San Jose, CAMayor Ron Gonzales has promised to double the size of the state'slargestaffordable housing program with a plan to spend $2.1 billion to build6,000new homes. According to federal and private sources, the mayor's planwouldspend $544 million in city housing and redevelopment funds over fiveyearsin an effort to leverage an additional $1.6 million from the state. Themayor hopes to create more than 15,000 affordable homes during thatperiod,including the 6,000 new houses, acquisition and renovation of 2,000existing low-cost units, loans to rehabilitate 7,200 homes and 500first-time buyer loans for San Jose teachers.
Thanks to California Policy Forum
FULL STORY: San Jose pushes housing program
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