The housing voucher program is called LIVE San Jose, standing for Lower Income Voucher and Equity program. The city is collaborating with The Fay Apartments in downtown, where there will be a preference for applications submitted by city workers.
The City of San Jose recently approved a program that would provide more opportunities for public sector employees to find housing in the heart of Downtown. The housing voucher program is called LIVE San Jose, standing for Lower Income Voucher and Equity program.
The city is collaborating with The Fay Apartments in downtown, where there will be a preference for applications submitted by city workers. The goal is to provide them with below-market housing. 'Innovative approach here that will also give the city an ownership stake in the building,' District 3 Councilmember Anthony Tordillos told CBS News Bay Area. 'The hope is that the city can actually make a full return on its investment over the course of this program, even doing some interest on top of that and exit with a small profit, that then could be reinvested into future housing projects.' He said that they decided on The Fay, as it had been facing some challenges. 'Struggling with high vacancy rates, part of the concern here was if the city or another entity weren't to step in and help to stabilize this asset, it could go through a foreclosure proceeding, have its debt marked down below market rate,' he said. 'And that has the potential to create a ripple effect outward to the rest of the downtown residential market.'The city plans to sublease 197 units from one to two-bedrooms. Eligible employees would need to make between 80 and 110% of the area median income. According to the latest U.S. Census Bureau data, the 2024 median household income is $146,427. 'Having those units, and the city being able to turn around sublease them at lower than market rates,' the councilmember said. 'And the city subsidy actually ends up being pretty small per unit as they only end up paying the delta between the market rate rents and whatever below market rates we're charging to tenants.' 'When the program comes to a conclusion in five to 10 years, or if the asset is sold from its current ownership group down the line, the city has the opportunity to essentially liquidate its ownership stake. And then remake the money that was invested,' he said. Joseph Mauro is a policy analyst with the city of San Jose. 'After a year and a half of commuting from Pleasanton to San Jose, I decided to make the move down here,' Mauro told CBS News Bay Area. That move, however, came at a cost. 'I have four roommates in a townhouse, and I currently rent out the bedroom there,' he said. 'I'm in that middle class, but I still would be considered rent-burdened by any metric. So, having that option where I can live somewhere that doesn't mean commuting two hours away and also doesn't mean living in a situation where I'm with four five other roommates. That's transformative,' Mauro added. The city's housing department said that they are still ironing out the details for the next step. Councilmember Tordillos said if all goes well, they hope to roll out applications some time in the spring. CBS News Bay Area reached out to the Fay Apartments for comment, and a representative declined to make a statement at this time.
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